Banner Real Estate Group, and/or its affiliated entities, has announced the successful acquisition of an 88,514-square-foot, drive-in, climate-controlled self-storage facility located at 875 Montreal Way in St. Paul, Minn. This acquisition was completed in partnership with RGA ReCap on behalf of Reinsurance Group of America, Inc.
Originally redeveloped from a warehouse and office space into Class A self-storage in 2020, the property offers significant value-add potential through lease-up and rate growth upside. Within a 3-mile radius, there are 14,300 multifamily units, with a more than 14 percent increase in supply under construction or in the pipeline, and over 55,000 households.
The acquisition underscores Banner's strategy to grow its footprint in multifamily, self-storage and industrial properties nationwide, focusing on locations with compelling demographics and favorable supply-demand dynamics.
Highland Bank of St. Paul provided the debt financing. Talonv
