Self Storage Group
Beginning in early 2004, evaluations, and acquisitions began as Wynne/Jackson and partners entered into a new self-storage venture. Over the course of the following 18 months, six self-storage properties were acquired ranging from California to Georgia and Florida with Texas in between. The total of these acquisitions exceeded 395,800 net rentable square feet with just under 3,200 rentable storage units.
After several buyers approached, it was determined that a sale of the portfolio might be in the best interest of the partnership. Several national self-storage brokerage firms were considered, and Storage Investment Advisors, LLP was selected to take the portfolio to the market. Their expertise and market savvy proved invaluable during the next several months.
In September 2006, the first contract was signed to sell four of the six properties to a single buyer. That sale closed on November 21st, when these properties were conveyed to Extra Space Storage, a publicly traded national storage firm that is also. During that time, a contract for the California property was signed in November and, a contract for the Georgia property was signed in December.
The buyer for the California property, Guardian Storage Centers, a large West Coast regional owner/operator, was eager to complete the purchase before the end of 2006 and moved up their scheduled closing to December 29th, a full six weeks early. The lone remaining property in Georgia closed in January 2007 signaling Wynne/Jackson’s departure from the self-storage industry. This property was sold to the existing management company, Your Extra Attic, who is a large self-storage owner and third party management firm in the Atlanta area.
This self-storage venture was deemed a profitable success for Wynne/Jackson and its partners, as return expectations were met or exceeded. “It was a great run and a lot of fun!” Genie Smith, Asset Manager for the Self-Storage division, enthusiastically said.
