Silver Star Properties REIT is shifting its focus from office, retail and light industrial to self-storage and is set to acquire Southern Star Self-Storage Investment Co. in a move that has been approved by Silver Star’s board of directors, according to various media outlets.
Gerald Haddock, lead director at Silver Star Properties, stated that Southern Star will operate as a sister company of an existing Silver Star Properties subsidiary.
The deal involves a three-year employment agreement with Mark Torok, CEO at Silver Star Properties, who will lead the repositioning of the company with the goal of listing it on a public exchange.
Southern Star Self Storage, which was founded in 2019, owns a portfolio of nine self-storage properties totaling 2,526 units and 321,291 rentable square feet. The company has two assets under contract that will add 208,220 rentable square feet to its portfolio. Those deals are expected to close by June 2023. Southern Star prope