Storage Express, which operates more than 100 self storage facilities in five states, has acquired Land of Lincoln Storage in Macomb, Ill. It’s the company’s 13th acquisition in the state this year. The company purchased a dozen Storage General facilities last spring.
The property at 320 N. Bonham St. comprises 23,000 square feet of storage space in 170 units. Storage Express plans to integrate the company’s technology and systems, which includes automation for remote management of all its properties, according to a press release. Rentals are centralized out of the company’s headquarters in Bloomington, Ind.
“At 23,000 square feet, this property would be too small for many portfolio operators. But these are bite-sized deals, given our manager-less operating platform. There are so many small Midwestern markets like Macomb out there,” said Jefferson Shreve, owner and president of Storage Express. “I like little deals like this one. Why, we’ve done more than a hundred of them!”
The buyer and the seller were represented in the transaction by Jeff Herrmann, a broker with real estate firm Marcus & Millichap.
Founded in 1992, Storage Express operates facilities in Illinois, Indiana, Kentucky, Ohio and Tennessee. It has offices in Bloomington, Indianapolis and Jeffersonville, Ind. The company has five expansion and new build projects underway throughout Indiana, the release stated.