Buck familys holding company sells self-storage units for $75 million
Charleston-based Jupiter Holdings Inc. has sold the bulk of its self-storage empire for $75 million, but it isn’t walking away from the business.
Affiliates of the Buck family owned enterprise finalized the sale last week of 16 Stockade Storage properties in South Carolina, Florida and Georgia to Strategic Storage Trust Inc. of Ladera, Calif.
The facilities have a combined 1.1 million square feet of space and about 8,560 rental units.
Strategic Storage Trust bought the portfolio in multiple phases since August. It purchased the last batch of properties a week ago in a deal that included six storage centers 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 Strategic Storage Trust. “The Charleston market has very high barriers to entry.”
All of the properties will be renamed SmartStop Self Storage.
Eddie Buck Jr. of Jupiter Holdings said the industry is dominated by a handful of acquisitive publicly traded companies with deep pockets. Stockade was ranked as the 71st biggest player in the country.
“It came down to a business decision. There’s a lot of consolidation going on in this industry,” he said. The sale proceeds will be reinvested in other businesses, Buck added.
Jupiter Holdings’ interests include Blue Water convenience stores and Sonic drive-in restaurants.
The company has been in the self-storage game since 1985 and has retained a toehold in the industry with a Bluffton property it kept. It also manages a facility on Daniel Island.
“We know the business, and we will be looking to develop other properties,” Buck said.
The company already is redeploying the proceeds from the sale.
In August, Jupiter-owned Stockade Storage of Charleston LLC paid nearly $15 million for the side-by-side buildings that house O-Ku restaurant and A.C.’s Bar and Grill at 463-467 King St. It also acquired for $1.75 million what is now the Super Suds Car Wash at 444 Coleman Blvd. in Mount Pleasant.
“That’s just a flavor of the some of the things we’re doing,” said Fred Whittle, Jupiter’s chief operating officer.
The company also continues to work on getting the approvals to develop a 100-foot-tall hotel at 600 Meeting St., next to the Ravenel Bridge on-ramp on peninsular Charleston.
Reach John McDermott at 937-5572.