MUSKEGON, Mich.--(BUSINESS WIRE)--Prestige Storage, a leading provider of the self-storage industry in the Midwest, in partnership with Peaceable Street Capital, announces the acquisition of the Western Michigan 12 Property Portfolio. A 490,302 -square-foot self-storage portfolio located in Muskegon, Fruitport, Spring Lake, Kent City and West Olive, Michigan.
Cory Bonda, Principal of Prestige Storage, states, “We are thrilled to continue to grow our portfolio in Michigan with this high-quality and well-managed group of properties. Our team did an amazing job to get this portfolio closed in 60 days even in the evolving economic environment. The properties will be rebranded to Prestige Storage, and we will grow the properties through expansion. Right away we will be adding over 100 outdoor parking spaces for boats, RVs and trucks.”
Western Michigan 12 Property Portfolio is located just west of Grand Rapids, Michigan. The twelve flowing facilities feature a combined 2,956 units with a mix of non-climate-controlled self-storage units and climate-controlled self-storage units.
This acquisition is part of their long-term strategy to grow their business and expand their presence in key markets. Prestige remains focused on identifying and acquiring high-quality self-storage assets that provide attractive returns for their investors.
To Support the continued growth, Prestige Storage has added two members to its leadership team. Matthew Phillips has been hired as Vice President of Operations, overseeing operations company-wide. Before joining Prestige, Matthew was a Senior District Manager at Public Storage in Charlotte, North Carolina. During his time at Public Storage, Matthew oversaw 60 properties in the Charlotte, North Carolina and Greenville, South Carolina markets.
Stacey Irwin joins the company as Senior District Manager for the Michigan and Northern Ohio properties. Stacey has years of experience in the self-storage industry, having been Director at Lock-it-Up Self Storage in Toledo where she oversaw 17 properties totaling over 1 million rentable square feet. She served as President of the Self-Storage Association of Michigan from June 2016 to August 2019. Prior to joining Prestige, she was the District Manager at Compass Self Storage.
Prestige Storage is a fully integrated self-storage, commercial real estate company founded in 2016 and headquartered in Columbus, Ohio. As of March 23, 2023, the company has a portfolio of over 50 properties in seven states encompassing 2,400,000 rentable square feet. Prestige Storage was named as the 69th top operator in 2022 from Inside Self-Storage.
Peaceable Street Capital, based in Philadelphia, PA, is a preferred equity capital provider focused on small to mid-sized real estate transactions across all asset types in the United States and Canada. More information on Peaceable is available at www.peaceablestreet.com
