Baron Properties Closes Out 2018 with Certificate-of-Occupancy Acquisition in Milwaukee Suburb; Plans to Grow National Storage Portfolio by $75+mm in 2019

Baron Properties Closes Out 2018 with Certificate-of-Occupancy Acquisition in Milwaukee Suburb; Plans to Grow National Storage Portfolio by $75+mm in 2019

Baron Properties wrapped up 2018 with the purchase of a 750-unit Milwaukee Self-Storage facility, now CubeSmart Self Storage of West Allis. The property was acquired upon certificate of occupancy in December-2018. The seller completed the renovation of an existing industrial warehouse (594 climate-controlled units) and newly-constructed facility (156 non-climate controlled drive-up units). CubeSmart is serving as the property’s third-party manager.

This acquisition represents the fifth Milwaukee storage asset Baron acquired in 2018. The acquisition is a continuation of Baron’s strategy to compile a portfolio of well-located self-storage facilities with significant upside in undersupplied sub-markets across Western and Midwestern U.S. secondary markets.

Baron Properties has quickly expanded its storage platform, growing from zero to ten self storage assets under management in 2018. To date, Baron owns over 6,200 units in Colorado, Wisconsin, and Arizona. Looking forward, Baron plans to increase its portfolio in 2019 through the development, acquisition, and repurposing of storage facilities. Additionally, Baron plans to bolster its other investment platforms: Multifamily and Industrial.