Affiliates of Charleston=based Jupiter Holdings Inc. have finalized a $75 million sale of 16 self-storage businesses.
The buyer was Strategic Storage Trust Inc. The former Stockade Storage properties have a combined 1.1 million square feet of space and about 8,560 units in South Carolina, Florida and Georgia.
The sellers were companies affiliated with the Buck family’s Jupiter Holdings, which owns Blue Water convenience stores, Sonic drive-in restaurants and other entities. It also remains involved in the self-storage industry.
“It gives us the opportunity to invest in other businesses,” Eddie Buck Jr. said of the sale.
Strategic Storage Trust acquired the Stockade Storage portfolio in multiple phases over the past several months. It bought the last of the properties about a week ago. Those six storage units are in Charleston and Mount Pleasant.
“We look forward to putting our marketing and management efforts to work to drive income and occupancy well past current levels,” said Wayne Johnson, senior vice president of acquisitions for the Ladera, Calif.-based buyer. “The Charleston market has very high barriers to entry.”
All of the properties are to be renamed SmartStop Self Storage.
See upcoming editions of The Post and Courier for more details.
Reach John McDermott at 937-5572.