U-Haul Holding Co., a well-known moving and storage company, has made a big investment in the Twin Cities area. A division of U-Haul purchased three storage facilities for a total of more than $31 million. These facilities are located in the cities of Bloomington, New Hope, and St. Paul, and each was sold for over $10 million. The deals were finalized on Thursday. This is part of U-Haul’s ongoing efforts to expand its self-storage business, particularly in Minnesota.

Locations and Background of the Properties in the Twin Cities

The three storage buildings are situated in different parts of the Twin Cities area. One is in Bloomington, another in New Hope, and the third is in St. Paul. All three properties were sold to Amerco Real Estate Co., a company that operates under U-Haul Holding Co. Amerco Real Estate Co. is based in Reno, Nevada, and is responsible for managing U-Haul’s real estate assets.

The seller of these properties was NexPoint Storage Partners, a real estate investment group from Tennessee that focuses on storage facilities. NexPoint uses Extra Space Storage as a third-party manager to handle the day-to-day operations of its storage facilities.

New Hope Property Sale Details

The New Hope facility, located at 3216 Winnetka Avenue in the Twin Cities area, has experienced significant growth in value over the past few years. In 2018, the property was sold for $4.3 million. By 2023, Hennepin County had assessed its value at $6.8 million for tax purposes. However, U-Haul paid a substantial $10.09 million for the New Hope facility, highlighting how much its value has risen. This increase reflects the growing demand for storage facilities in the Twin Cities as more people need additional space for their belongings.

St. Paul and Bloomington Property Sales

The St. Paul property that U-Haul purchased is located at 631 Transfer Road. Similar to the New Hope facility, this property has also appreciated significantly in value. In 2017, it was sold for just over $838,000, according to records from Ramsey County. U-Haul, however, paid $10.45 million for it last week, a substantial increase compared to the previous sale price. This rise in value is a reflection of the high demand for storage facilities in the St. Paul area as well.

The third and most expensive property U-Haul bought is in Bloomington, at 101 American Blvd. While Hennepin County doesn’t have records of previous sales for this property, they valued it at $9.7 million in 2023. U-Haul paid even more, $10.69 million, making it the priciest of the three facilities. Bloomington is a key location for U-Haul, and this purchase marks their second storage facility in the city. U-Haul has had a presence in Bloomington for many years, with its original location on Lyndale Avenue being in operation since the 1970s.

U-Haul’s Excitement and Expansion Plans in the Twin Cities

U-Haul is enthusiastic about the expansion of its storage operations in Minnesota, especially in Bloomington, where it has been serving the community for decades. Christopher Bohlman, U-Haul’s president of southern Minnesota, expressed the company’s excitement over the acquisition of the new Bloomington location. According to him, the city of Bloomington has always been a strong supporter of U-Haul’s business, making it an ideal place for continued expansion.

With the purchase of these three facilities, U-Haul is adding nearly 2,600 indoor self-storage units to its offerings in the Twin Cities area. This large increase in storage capacity will allow U-Haul to meet the growing demand for self-storage solutions in the region.

In addition to expanding its storage offerings, U-Haul also plans to create new job opportunities in the community. The company announced that it will hire up to 26 new employees to staff the three newly acquired facilities. These positions will include management, customer service, and maintenance roles, helping to boost the local economy.

Future Expansion: New Facility in Ramsey

Twin Cities: U-Haul’s expansion in Minnesota doesn’t stop with these three new properties. The company has even bigger plans for the future. U-Haul recently acquired an 8-acre farm property at Highway 10 and Riverdale Drive in Ramsey, Minnesota, near the Twin Cities area. The company intends to turn this site into a new self-storage center, adding to its growing network of storage facilities in the Twin Cities and the rest of the state. This move highlights U-Haul’s ongoing commitment to expanding its services in the Twin Cities region.

The new storage facility in Ramsey will offer 1,150 storage units, catering to both personal and business storage needs. U-Haul is planning for the facility to be completed by fall 2026, making it a long-term project that will provide even more storage options for residents in the area.

Conclusion

With the purchase of these three storage facilities in Bloomington, New Hope, and St. Paul, U-Haul has made a significant investment in the Twin Cities area. The company is excited to expand its operations in Minnesota and to provide more storage options to residents and businesses. Along with the addition of 2,600 storage units, U-Haul plans to hire new employees and further grow its presence in the region with a new facility planned for Ramsey. These moves show U-Haul’s commitment to becoming a leading provider of self-storage solutions in the Twin Cities and beyond.