Mishawaka, Ind. – The Sterling Group, an Indiana-based real estate company, specializing in multifamily apartment homes and self-storage facilities, has acquired six self-storage facilities throughout the state. The total purchase price of these newly acquired properties, located in Elkhart, Fort Wayne, and Evansville is $15 million. Sterling operates and manages the Mini Storage Depot brand, which the self-storage facilities operate under.
Sterling has been active in the self-storage sector since 1986 when it established Mini Storage Depot. This acquisition adds over 364,000 square feet of storage and approximately 2,800 units to the company’s existing self-storage portfolio.
"These assets provide a tremendous value-added opportunity and an ability to capitalize on the continued economic growth of Indiana,” said Larry Swank, CEO, The Sterling Group. “As we evaluate new investment opportunities, we continue to monitor local market conditions that indicate growth in this sector of the business. We are excited to expand the Mini Storage Depot brand in Indiana and look forward to serving its citizens with quality self-storage solutions.”
Sterling’s owned and managed existing portfolio of self-storage assets are comprised of 12 properties throughout Indiana, Michigan, and Ohio totaling over 812,000 square feet. This acquisition increases Sterling’s managed self-storage assets to 18 properties and over 1.1 million square feet and more than 9,400 units. To learn more about Mini Storage Depot locations, please visit our locations page.