A Florida private equity firm with ties to the co-founder of Kohl’s Department Stores has acquired 16 self-storage properties across southern New England, including 11 in Connecticut.
SROA Capital’s purchase of the properties from Michigan-based Storage Pros Management, the price of which was not disclosed, represents the West Palm beach firm’s first entry into the New England market.
SROA, which was co-founded in 2013 by current CEO Benjamin Shibe Macfarland III, Kohl’s co-founder Sidney Kohl and one of Kohl’s real estate partners, amassed approximately 144 properties in 10 states in the eastern United States.
The Storage Pros deal, which is the first investment in SROA’s eighth dedicated self-storage fund, adds another 850,000 square feet to that portfolio, bringing the total property count to approximately 160.
The self-storage space has remained resilient during the COVID-19 pandemic, outperforming other real estate sectors, according to Newmark.
The 16 acquired properties, five of which are located in Hartford County, will be managed under SROA’s Storage Rentals of America brand name.
“This transaction not only provides SROA a foothold into the Northeast and gives SROA the opportunity to add value through building several expansions on the existing properties, but it also allows SROA to further accumulate single- and multi-property owners looking for liquidity in a market that is seeing positive growth due to COVID-19-related housing disruptions,” Shibe Macfarland said in a statement.
The Connecticut properties, according to a Newmark spokesperson, include:
- 497 North St., Windsor Locks
- 1280 Hopmeadow St., Simsbury
- 123R West St. , Simsbury
- 610 Pigeon Hill Road, Windsor
- 29 Old Windsor Road, Bloomfield
- 2 Commerce Dr., Columbia
- 51 Prestige Dr., Meriden
- 86 Pershing Dr., Derby
- 770 W. Main St. , Waterbury
- 2454 E. Main St., Waterbury
- 1065 Voluntown Road, Griswold
