DANBURY, Conn., July 10, 2007 (PRIME NEWSWIRE) -- Athena Real Estate, an investment and advisory firm focused on specialty niches including manufactured housing communities, RV parks and self-storage facilities, has acquired Out O' Space Storage (www.OutOSpace.net), a 260-unit, or 35,000 square foot, self-storage facility in Pensacola, Florida for $1.7 million. The facility, constructed in 2002, offers a mix of climate and non-climate controlled units, as well as outside parking for boats, RVs and other vehicles.
According to Richard J. O'Brien, Chief Executive Officer & Founder of Athena Real Estate, the storage facility acquisition, Athena's second in Pensacola, was completed through a joint venture with institutional investor NDC Capital Partners (www.ndccp.com), and will be operated under the Out O' Space name. "In fact, we like the name so much, we plan to use Out O' Space as our name and marketing platform for future Florida acquisitions," O'Brien said.
"In June 2006, we acquired with NDC our first Pensacola property, Cantonment Self Storage (www.CantonmentSelfStorage.com), a 45,000-square-foot facility built in 2005. This second self-storage acquisition will allow us to begin realizing marketing and management synergies. Our plan is to cluster in markets as part of our acquisition strategy and we'd like to acquire at least five more quality properties like Out O' Space Storage before the end of 2007."
O'Brien added that Out O' Space Storage fits Athena's investment strategy well. The facility has a strong location with good visibility, a stable income base, a mix of climate and non-climate controlled units, at least 35,000 net rentable square feet, and potential for rent to grow through improved occupancy.
"We are emphasizing more self-storage acquisitions in Northwest Florida, but Athena is also seeking acquisitions up the East Coast from Florida to Maine," O'Brien said.
About Athena Real Estate
Athena Real Estate, LLC (www.AthenaRealEstate.com) is a real estate investment and advisory firm focused on specialty collateral niches, including manufactured housing communities, RV parks, and self storage facilities. The Company's operating philosophy is to obtain premium returns by acquiring niche property types where focused management can provide a competitive advantage. Athena is seeking additional acquisitions of manufactured housing communities, RV parks, and self storage facilities on the East Coast (from Florida to Maine). Athena was founded by Richard O'Brien, who is a former executive of a mid-cap public REIT and a large real estate financial services and investment company.