On Monday, Passco Companies Development and joint venture partner Perdew Development announced the formation of Patriot Self-Storage Management. The new entity, which will be structured as an LLC, plans to develop, manage and lease self-storage facilities nationwide.
Over the next five to 10 years, Patriot Self-Storage will invest $70 million to $90 million in the development of 25 or more self-storage facilities located in secondary and tertiary markets in Florida, Georgia, South Carolina, North Carolina, Arizona, Minnesota, Texas and Alabama, among others.
“Passco’s consistent success is due in large part to our ability to respond to diverse market conditions and opportunities,” says William H. Winn, president of Passco.
“Self-storage development, leasing, management and long term ownership provides a tremendously high risk adjusted return, and we look forward to building a significant self-storage company and portfolio with our partners.”