NEW YORK, NY / ACCESSWIRE / November 19, 2019 / Global Self Storage, Inc. (NASDAQ: SELF) a real estate investment trust that owns, operates, manages, acquires, develops and redevelops self-storage properties, has completed its acquisition of Erie Station Storage, a self-storage property, for $6.2 million.
The property is located in the growing upstate suburban community of West Henrietta, New York, is near the Rochester Institute of Technology, and is approximately 11 miles from an existing Global Self Storage property in Gates, New York (a western suburb of Rochester). It features seven buildings with a total of 458 storage units and 46,850 net leasable square feet. Storage options include both drive up access and climate-controlled units. The property also has immediate expansion potential with an approved permit to commence construction of a 7,300 net leasable square feet self-storage building.
The property is attractively located in an area that currently has few competitors within a three-mile radius. There is also new residential real estate development close-by, which the company believes will increase demand for storage at the property and contribute to a successful lease-up of the expansion building if the company decides to undertake construction.
"This property was an ideal acquisition target because of its expansion potential, the company's familiarity with the Rochester market, and the room to grow occupancy and rental rates through our sophisticated management techniques," said Global Self Storage's president and CEO, Mark C. Winmill. "Constructed less than three years ago, we expect the property to require low amounts of capex in the near to medium-term and the 230 climate-control units to produce high-margin rentals."
About Global Self Storage
Global Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops self-storage properties. The company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. Through its wholly owned subsidiaries, the company owns and/or manages 13 self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.
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Global Self Storage
Mark C. Winmill, President and CEO
1 (212) 785-0900, ext. 201
CMA Investor Relations
1 (949) 432-7566
SOURCE: Global Self Storage