Plato Foufas & Company, LLC is pleased to announce the acquisition of Space Savers Self Storage based in Saraland, Alabama, a suburb of Mobile. The acquisition closed on June 4, 2015. The facility is a three-story, fully sprinklered, climate controlled building containing 54,881 net rentable square feet in 475 units. The purchaser was a 1031 exchange investor group sponsored by Plato Foufas & Company, LLC. The broker representing the seller was Stuart LaGrouse, Sr. of Omega Properties, Inc., and the Argus Self Storage Sales Network in Mobile, Alabama. The lender was Citi Group Global Marketing Realty Corporation, and 1st Mortgage financing was provided by Luke Erlandson and Matt Ewig of Berkadia Commercial Mortgage LLC.
This is the first self storage acquisition for Plato Foufas & Company. The company intends to acquire additional self storage facilities on a national basis over the course of the next 18 months.
Devon Self Storage of Emeryville, CA was retained as the management company to operate the facility. The site uses SiteLink self storage software as the operating system for the facility. The site was 84% leased as of the date of the acquisition.
For further information contact: