Leitbox Storage Partners, a private placement sponsor focused on self-storage investments, has purchased two storage facilities in Westerly, Rhode Island for $9.5 million.
The properties have a combined 107,000 square feet of net rentable space and are 96 percent leased. With this acquisition, Leitbox said that it will own 51 percent of the total square footage of storage space within a five-mile radius.
“These acquisitions hit on two strategic criteria for Leitbox, an underserved market and below market rates,” said Bill Leitner, founder and managing principal. “We are thrilled to be entering this new market.”
Leitbox plans to “increase rates immediately and implement a micro-monopoly strategy in the area,” since the current rates are “significantly under-market,” the company said.
Leitbox Storage Partners is a real estate company that 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.