Leitbox Storage Partners, “Leitbox”, a self-storage investment and development platform based in Birmingham, Alabama, announced today, the acquisition of Main Street Storage located in Berlin, MD (Ocean City MSA, MD). This is the first asset acquired in Leitbox Portfolio Partners Fund III, LLC, Leitbox’s most recent fund offering.
This facility has 344 units, the majority of which are climate-controlled, with approximately 48,000 of net rentable square feet across 22 buildings. The property was developed in phases from 2018-2023 and has additional space available for further expansion.
“I am excited to announce the acquisition of Leitbox III’s first asset. This investment has a lot of great characteristics that we look for, including an attractive going-in cap rate and the ability to drive performance the Leitbox Way, with expansion, institutional management, and enhancing the mixed-use component,” says Bill Leitner, founding principal of Leitbox Storage Partners LLC.
“The asset was purchased with a unique financing vehicle provided by Protective Life Insurance Corporation, and benefitted greatly from an attractive interest rate below what we are seeing from other lenders. This acquisition is right in line with our strategy of investing for higher returns with a lower risk profile.
Main Street Storage is conveniently located on the north end of Main Street, less than 1 mile off Highway 50, which has an average of 32,000 vehicles driving on it every day. Known as Ocean Gateway, Highway 50 provides a direct route to Ocean City (average summer weekend population of 300,000) and Ocean Pines, Maryland, both less than 10 miles away. Downtown Berlin is also a designated Maryland Main Street Community, an Arts and Entertainment District, and carries a National Register Historic District designation. Leitbox is excited to be poised to succeed in this market and looks forward to using their expertise to improve the overall asset.
Main Street Storage is conveniently located on the north end of Main Street, less than 1 mi off Hwy 50 (VPD ~32,000), known as Ocean Gateway with a direct route to Ocean City (average summer weekend population of 300,000) and Ocean Pines, Maryland.
Leitbox is partnered with Access Capital Group to facilitate the fund raise for Leitbox Portfolio Partners Fund III. The fund is still open and taking investments at this time. If you are interested in investing or have any questions regarding the fund, please contact the Investor Relations Team by calling (650) 862-2820 or emailing investor@accesscapitalgroup.com!
About Leitbox Storage Partners
Leitbox Storage Partners (“Leitbox”) is a real estate investment company that develops and acquires self-storage (often with mixed use & retail integration) in primary and secondary markets throughout the United States. In addition to programmatic, greenfield development of vertical self-storage, Leitbox utilizes its 30+ year history in the retail and mixed-use sectors to identify and acquire retail, big-box conversion opportunities and income-producing, storage facilities presenting value-add upside potential.
