Harrison Street adds 26 self-storage properties to portfolio

Harrison Street adds 26 self-storage properties to portfolio

Harrison Street has purchased a portfolio of 26 self-storage properties comprised of nearly 2.7 million rentable square feet and 18,765 units, across six states.

The geographically diverse portfolio is 95% occupied and will continue to be operated under the Midgard Self Storage brand across Florida, Georgia, South Carolina, Tennessee, North Carolina, and Arkansas.

Reliant Real Estate Management, LLC, a vertically integrated commercial self-storage operator, will manage the properties under a long-term agreement.

Michael Gordon, Chief Investment Officer of Harrison Street said, “We are excited to deepen our presence in the self-storage sector through the largest portfolio transaction in our firm’s history. Self-storage has been a core area of focus for Harrison Street’s investment strategy since inception, driven by demand related to life changes, with less correlation to economic events. We are pleased to build on our partnership with Reliant, a top-tier operating partner, to capitalize on consolidation opportunities in
markets backed by growing and affluent populations. We look forward to continuing to work with Reliant to leverage our strong self-storage sector expertise and identify attractive, demographic-driven selfstorage investments.”

Todd Allen, Managing Principal of Reliant, said: “The fragmented self-storage industry provides tremendous consolidation opportunities particularly in secondary markets experiencing strong demographic growth. We are thrilled to continue our long-standing partnership with Harrison Street to acquire, operate and reposition these diverse self-storage assets.”

Since inception in 2005, Harrison Street has invested over $2.3 billion in gross cost across storage assets comprised of more than 154,000 units in 23 states in the US and three Canada provinces.

The firm has realized on more than 155 self-storage properties for a gross transaction value of $1.2 billion.