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QuadReal, Store Space ink $1B JV for U.S. self-storage

QuadReal Property Group and U.S.-based Store Space Self Storage have announced a strategic partne...

IMAGE: Quadreal logo.QuadReal Property Group and U.S.-based Store Space Self Storage have announced a strategic partnership which plans to amass a $1-billion portfolio of self-storage properties across the United States.

The partnership is being seeded with the acquisition of a $200-million portfolio of assets located in seven states. The portfolio includes more than 9,000 units comprising 1.1 million square feet of space.

The partners have also closed on the acquisition of a separate off-market asset in New Jersey. QuadReal and Store Space say they have a “significant acquisition pipeline.”

“The self-storage sector offers steady growth. Further, it has shown resiliency and demonstrates consistent fundamental and demographic tailwinds that align closely with QuadReal’s core investment convictions,” said QuadReal’s Jameson Weber, managing director, international real estate, Americas, in the announcement on Thursday.

“We are excited to partner with the Store Space team — an experienced self-storage operator with a proven track record of success.

“Together, we are very uniquely positioned to invest at scale in a highly fragmented sector.”

Store Space fastest-growing in sector

Store Space is a self-storage owner-operator and third-party management company, headquartered in Winter Garden, Fla.

It owns and/or operates more than 100 self-storage properties in 20 states. The company was named the fastest-growing self-storage operator in the U.S. in 2021 by Inside Self Storage.

The companies say in the announcement they share a long-term strategy to scale a national portfolio of institutional-quality self-storage assets across the U.S. It will be focused on markets with strong demographic and migration trends.

Although financial details were not disclosed, QuadReal says it will provide the majority of capital for the partnership. Store Space will supply in-house technology, marketing and call-centre services, acquisition and development experience, and property management.

“We’re very enthusiastic to enter this partnership with QuadReal, with the shared goal of building a large, high-quality portfolio in this recession-resistant sector,” said Store Space CEO Chris Harris in the announcement.

“This also represents a significant milestone for us as we’ve found an alliance that will help us grow our brand and bring our best-in-class platform to new markets at a rapid pace.”

Store Space was founded in 2018 by Chris Harris and Rob Consalvo. The Store Space leadership team has over five decades of experience acquiring, leasing and managing self-storage properties.

Harris and Consalvo had previously helped grow, operate and scale iStorage before its sale to a venture led by National Storage Affiliates Trust, a publicly traded REIT, in 2016.

About QuadReal Property Group

QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver. Its assets under management total $67.1 billion.

From its foundation in Canada as a full-service REOC, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets.

QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest.

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