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Storage Investment Group Snags 48K-SF Self-Storage Facility in Rhode Island

Storage Investment Group has acquired Cornerstone Self Storage, a 359-unit, 48,025-square-foot self-storage facility in the coastal community of Westerly, R.I. The sales price was not disclosed.

Cornerstone Self Storage comprises five buildings that house a combination of climate-controlled and drive-up units ranging from 25 to 450 square feet. Completed between 1982 and 2015, the facility also has 28 RV parking spaces along with a 1000 kw solar system, 24/7 video surveillance, an on-site manager, perimeter-wide fencing and electronic gate access. The property is located on nearly two acres at 234-236 Post Rd.

The Storage Investment Group is a self-storage owner-operator with $125 million in assets under management. Michael Pagniucci and Henry Schaffer of JLL secured acquisition financing for the purchase. Terms of the financing included a five-year fixed rate. The lender was Washington Trust Co.


Inside The Story

JLL’s Pagniucci

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Sale/Acquisition