Indiana-based Storage Express has purchased a dozen storage facilities located across central Illinois from the Plummer family, of the RP Lumber Co.
The sellers own and operate over 50 building materials stores in Illinois. They developed storage facilities over the past decade adjacent to their retail stores. The Plummers decided to exit the self-storage industry, to focus on their expanding core business, Storage Express said, in making the announcement this month.
Brian Kelly and Brett Hatcher of Marcus & Millichap represented both seller and buyer. The 370,000-square-foot acquisition gives Storage Express a stronger Illinois presence and brings the company up to 106 locations.
“With existing facilities in Illinois, this portfolio was a good fit for both us and for the Plummer family,” said Jefferson Shreve, the owner and president of Storage Express. “These facilities averaged 30,000 square feet and are located on retail corridors in smaller markets. Those are bread and butter locations for us. And their build quality is consistent with the uniformity we seek in our portfolio.”
Shreve added: “We look forward to bringing a couple thousand more units into our portfolio – and to integrating them with the technology and systems that have enabled us to remotely manage all of our properties.”
Storage Express owns and operates self-storage properties across Indiana, Illinois, Kentucky, Tennessee and Ohio. Rentals are centralized out of the company’s headquarters in Blooming, Ind. Local field service representatives service and care for their properties.
Storage Express also has a half dozen expansion and new build projects underway throughout Indiana. More information about the company can be found at StorageExpress.com.