Plans to renovate 105,830 square feet of warehouse space will fill community need
Monday, November 14, 2016 – Wasatch Storage Partners (WSP), a Utah-based real estate investment firm specializing in self-storage acquisitions and development is pleased to announce their entry into the Twin Cities market with the purchase of two existing warehouse buildings in White Bear Lake and Lake Elmo, Minnesota. The recently closed transactions represent a total of 105,830 square feet of existing space with planned conversion to self-storage facilities with additional self-storage and RV parking expansion planned at the sites.
The acquisitions include the purchase of a vacant 59,462 square foot property at 1828 Buerkle Road in White Bear Lake. Formerly serving as a FedEx Ship Center, the facility will be renovated and expanded with a second floor totaling 120,000 square feet of climate controlled storage space. The facility will also have approximately 100 secure RV parking spaces to lease.
The company also purchased 46,368 square feet of warehouse space at 9200 Hudson Boulevard in Lake Elmo with plans to convert the existing space to climate control self-storage, and add an additional 35,000 square feet of self-storage (climate and non-climate controlled) and add 150 secure RV spaces. “We recognized a real need in both White Bear Lake and Lake Elmo for both climate control self-storage and secure RV space,” states Bret Durfee, CEO of WSP. “The redevelopment of these facilities will bring much needed self-storage product to the community and we are excited to introduce our unique platform to the Twin Cities.”
“The Twin Cities has few areas that are underserved for self-storage and properly zoned sites are rare,” explains Max Holmes, Associate with Colliers International | Minneapolis-St. Paul. “These properties were unique in that the sub-markets were underserved and both were properly zoned for storage. Wasatch recognized and seized the opportunity.”
Based in American Fork, Utah, WSP was formed in August of 2015. Bret Durfee, CEO, and Scott Wyckoff, Chief Development Officer, were heavily involved in both acquisitions and development efforts at Extra Space Storage prior to launching Wasatch Storage Partners. They were involved in more than $1 billion in storage acquisitions and development projects across the country during their time with Extra Space. With the addition of the two properties in the Twin Cities, WSP now has five (5) properties at some stage of development with one (1) operating self-storage property. WSP’s other projects are in Colorado, Arizona, Tennessee and New York. The company also offers self-storage consulting services for development feasibility.
Max Holmes from Colliers International | Minneapolis-St. Paul represented Wasatch Storage Partners in the purchases.