Leitbox Storage Partners, a self-storage investment and development platform, has purchased a self-storage facility in Gainesville, GA for $2.9 million.
The property includes 174 units totaling 32,170 net rentable square feet and is 98% leased.
“We are excited to enter the Gainesville market, a growing community just 50 miles north of Atlanta,” said Bill Leitner, founder and managing principal of Leitbox. “The combination of population growth, high visibility and under market rates make it a fantastic opportunity for us to execute our tested and proven business plan.”
According to the company, the facilities current rental rates are significantly below market, which provides an opportunity to increase them immediately. They also plan introduce climate-controlled storage from the property’s under-utilized space, in hopes of increasing market presence and drive greater revenue at the property.
Cubesmart will assume management of the property.
Leitbox Storage Partners, a private placement sponsor focused on self-storage investments, develops and buys self-storage facilities, often with mixed use and retail integration, in primary and secondary markets throughout the United States. In addition to the development of vertical self-storage properties, the company identifies and acquires big-box retail properties for conversion.