olumbia Storage Group (CSG), which operates 17 self storage facilities in New Jersey, New York and Pennsylvania, has acquired four facilities in New York’s Rondout Valley. Together, the properties comprise 64,000 square feet in more than 550 units. The purchase includes Rondout Valley Self Storage and Valley Self Storage in Accord, N.Y., and two Ellenville Mini Storage properties in Ellenville and Wawarsing, N.Y.
All four sites were above 98 percent occupancy at the time of acquisition, and two have room for expansion. Each is along a 12-mile stretch of Route 209, according to a press release from Investment Real Estate LLC (IRE), the property-management and consulting firm that helped broker the deal.
The acquisition was somewhat unusual in that it combined two separate portfolios into a single transaction. “I had been talking to Shane Ricks, the owner of Valley Self Storage, for over a year, and we were close to listing the property when I met Todd Polonsky, the owner of Rondout Valley and Ellenville Mini Storage,” recalls George Hatchard, a brokerage adviser with IRE. “Todd was simply looking for an updated valuation of his facilities. When our team studied the region and considered the best way to market each property, we decided listing the package together would benefit not only the sellers, but also open the portfolio up to larger regional buyers. I am so happy for them both, as the plan worked out excellently as we anticipated.”
CSG operates facilities under the Columbia Self Storage brand name. Its portfolio comprises more than 640,000 square feet. The company is actively seeking acquisition opportunities in the Northeast, according to its website.
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self storage owners and investors.