Newly Formed Storage REIT Makes Maiden Acquisitions

As part of a statement announcing its formation, Storage Ventures LLC also announced its first acquisition of assets, two storage properties in the New England market. Storage Ventures will be based in Greenwich, CT, and is led by its founding partner, U.S. real estate executive Douglas Lee.

Storage Ventures was formed to acquire and manage self storage and related properties. The firm says it leverages its real estate investment experience to create tailored solutions for investors and to generate attractive risk-adjusted returns.

The company recently acquired Western Mass Storage Solutions, which is located in Hatfield, MA, in the heart of the “five college” region of Massachusetts and adjacent to I-91. The property comprises a 10-building complex featuring both self storage and warehouse components. The self storage portion of the facility consists of one climate-controlled building, seven drive-up buildings, several modular storage units and outdoor parking for cars, recreational vehicles and boats. The property also contains warehouse and showroom buildings which are 100% occupied by a leading regional tenant.

Storage Ventures also acquired Thirty Pines Self Storage, which is located in a commercial corridor in Concord, NH, a short distance from I-93. The property is comprised of a five-building complex featuring self storage, car wash and commercial components. The self storage portion of the facility consists of four drive-up buildings, a building to be converted to climate-controlled storage and outdoor parking for cars, recreational vehicles and boats.

Douglas Lee has more than 25 years of experience in real estate, finance and private equity. Prior to founding Storage Ventures, Mr. Lee served as co-founder and Managing Director of Brightstone Capital Partners. Prior to co-founding Brightstone, Mr. Lee served as a Managing Director for Metropolitan Real Estate.. Prior to joining Metropolitan, Mr. Lee held leadership and advisory roles at UBS Investment Bank and Goldman Sachs.