Harrison Street, an investment management firm focused on alternative real assets, acquired a portfolio of 26 self-storage properties made up of nearly 2.7 million rentable square feet and 18,765 units across six states.
The geographically diverse portfolio is 95 percent 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 demographically driven investment strategy since inception, driven by demand related to life changes, with less correlation to economic events.”
