Boardwalk Development Group has acquired the Sun Self Storage portfolio in the Auburn-Opelika market, a seven-property collection that spans more than 79 acres in Lee County and accounts for approximately one-third of the county’s existing self-storage inventory.
Meridian Storage Group said it acted as the exclusive advisor and broker to Steve Benson and the Benson family in the sale. Financial terms were not disclosed.
The properties are located across Auburn and Opelika, including sites near Auburn University and along key residential and commercial corridors. Meridian said it ran a targeted marketing process for the Benson family, and Boardwalk was chosen based on the strength of its offer, including competitive terms and certainty of execution.
Steve Benson founded Sun Self Storage in 1983 and owned and operated the portfolio continuously through closing. Under Benson family ownership and direct operational control, the business grew into the seven-property platform included in the transaction.
"Having been the first to build self-storage in the Auburn-Opelika area, we faced the challenges of building a business that became ever-changing", said Steve Benson, president of Sun Self Storage. "I credit our success in no small part to being located in what I believe is the golden triangle of Alabama: Auburn, Opelika and Lee County. The growth in these communities has been unbelievable. Auburn University’s expansion, numerous new businesses and multiple large, new subdivisions have propelled the need for self-storage. We have been fortunate to have been able to build our business here."
Brady Mast, president of Meridian Storage Group, led the transaction on behalf of the Benson family.
"Steve Benson and his family built an exceptional self-storage portfolio through more than four decades of disciplined ownership, continued reinvestment and hands-on operations", Mast said. "We positioned the portfolio’s market-leading scale, concentration and operating history through a disciplined sale process. The depth of buyer interest reflected the quality of the assets, while Boardwalk distinguished itself through the overall strength and certainty of its proposal."
Boardwalk said the acquisition also marks the launch of Fund V.
"We are thrilled to be the new owners of the Sun Self Storage portfolio", said Doug Steverson, chief executive officer of Boardwalk Development Group. "We look forward to assisting our new guests and serving the Auburn-Opelika market across these seven facilities. Boardwalk’s Management Operating System will bring greater accessibility and more convenience to this dynamic, fast-growing market."
"This acquisition was an opportunity for Boardwalk to launch Fund V", said Raj Sheth, chairman of Boardwalk Development Group. "Our Fund V capital raise was four times larger than previous raises. We were very pleased to see the strong demand for this investment. We are also extremely humbled that several of our Fund V investors are leaders of Top 20 self-storage firms, Top 5 national brokerage firms and former self-storage owners who have sold their assets to Boardwalk."
Benson said Meridian’s process helped identify a buyer he viewed as a suitable successor for the business.
"In the sale of our company, it was a pleasure to work with Meridian Storage Group", Benson said. "Over the past 40-plus years in the self-storage business, I had the opportunity to meet and become friends with numerous brokers. My choice came down to strength of Meridian’s proposal and confidence they would find an acceptable successor to carry on our level of providing first-class services to our customers. I feel they were successful. Again, we thank Brady Mast and Meridian Storage Group for their help in bringing to an end what has truly been an enjoyable business experience."
