Stor-All completed the sale of its existing self storage portfolio of 44 properties to Public Storage, the Glendale, California based REIT, on December 12th, 2013. The $430 million purchase price makes it Public Storage’s largest acquisition from a privately held storage company and the biggest self storage transaction of 2013.
Stor-All’s 44 self storage portfolio consisted of properties located in Metro Atlanta (7), Denver (4) and Charlotte (1) as well as Northern Virginia (6) and South Florida (26) totaling 2,700,000 square feet and comprised of over 26,300 storage units. Stor-All’s Co-CEO, Jeff Anderson, explained Stor-All’s decision to sell stating, “It was a big decision, but we think the timing was right considering the current interest rate environment and what is going to happen with cap rates as well as tax rates going forward.”
Located in Deerfield Beach, Florida, Stor-All has a long history in the self-storage industry, beginning when brothers Norman and Robert Anderson of Anderson Construction founded Stor-All in 1967. Stor-All is a founding member of the Self Storage Association. The founder’s sons Jeff and Larry Anderson have been at the helm since 1986. Larry Anderson, Stor-All’s Co-CEO, said, “As a third generation family business, Jeff and I feel truly blessed to be able to realize and share the fruits of our labor with both of our fathers and family members, as well as our children, all of whom contributed so greatly to our success.”
Stor-All is committed to rebuilding a new self storage portfolio. The company is currently developing a new self storage property in Vinings, Georgia that will open in the summer of 2014 and will close on the purchase of an existing storage property currently under contract in Atlanta, Georgia by the end of this year. As Jeff Anderson put it, “Public Storage bought our properties, but they didn’t pay for our knowledge. We are keeping our core staff together and looking forward to building a new portfolio through our own efforts as well as providing equity capital to regional developers.”