Tuesday, June 10, 2014

U-Haul and Compass Self Storage Acquire New Facilities

In the latest rundown of new self storage properties and acquisitions, we have U-Haul and Compass Self Storage breaking new ground in Wake Forest, NC and Texas respectively.

U-Haul acquired a historical building and turned it into a new self storage site. Located on Capital Boulevard, the building was once a cotton mill known as Burlington Mills, which was opened in 1924. There are several buildings on the 34- acre property that has 324, 841 square feet of space. Here’s a fun fact – two of the brick buildings were once used as a boiler house and water-filtration plant. The building being used for the self storage facility is a landmark and has been vacant for several years.

Both residents of the community and U-Haul are pleased to see the repurposing of the building instead of it being demolished. If you’re a history buff who is also looking for self storage, then this new U-Haul facility will be the perfect. The 90-year old building is a historic site that formerly employed over 200 people who weaved various cotton products.

While Amsdell Cos. hasn’t made quite as historic of a purchase, its acquisition of a facility in Texas is just as impressive. The Cleveland based company recently bought Abby’s Storage in Cedar Hill, Texas, making it the 45th self storage company owned by the company but its first Texas facility. The property have 63, 000 square feet available for rental units. The property is located at 1150 S. U.S. Highway 67 and will be rebranded under Compass Self Storage, LLC.

The new Cedar Hill property will offer climate controlled storage units, drive up storage, digital surveillance, and outdoor parking among other amenities. As for Abby’s Storage, its existing facility in Dallas is still up and running.

All the recent property acquisitions in the self storage industry signal that the market is doing well. If this upward trend continues, we can expect to see many more self storage facilities appear in the near future.

Source: http://usselfstoragelocator.com/blog_posts/547-u-haul-and-compass-self-storage-acquire-new-facilities

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