BGL Real Estate Advisors (BGLREA) is pleased to announce the financial closing of the formation of a joint venture between Iron Point Partners, LLC and Adams French Property, LLC (“The Venture”).

The Venture was formed to invest in and develop self-storage facilities within the top 50 MSAs, with concentration in the Midwest. BGLREA served as the exclusive financial advisor to Adams French Property, LLC in the transaction.

The Venture’s assets will be managed by Extra Space Storage® (NYSE: EXR), a major self-storage public REIT. The Venture will commence with three facilities, currently under construction, in Indiana (Fishers, Noblesville and Indianapolis) and one facility in Bloomington, Minnesota.

Adams French is an Indianapolis-based Company, focused on self-storage development and acquisitions in the Midwest. The Company was founded in 2005 by Phil French as French Property Management, LLC. It was later renamed Adams French Property, LLC, when Jim Adams joined as the Chief Operating Officer and Phil’s partner. Together Phil and Jim have extensive experience in multiple real estate asset types, including self-storage, retail centers and undeveloped land. They seek synergies within the real estate development sector that can augment their core self-storage portfolio.

“Jim and I could not be happier about joining ranks with Iron Point as our new partner,” commented Phil French of Adams French. “This partnership comes at a time when the self-storage industry has opportunities for development, acquisition, and new market growth. Iron Point’s strong background in multiple platforms of real estate and our expertise in the self-storage industry sets us up for a fun and exciting next ten years. The team at Brown Gibbons Lang & Company brought multiple qualified equity partners to the table, but it was clear that Iron Point was the strongest fit based on their structure, culture and capacity. BGL helped guide our decision process with solid advice and thorough analysis. Their work was key to getting this JV completed.”

Founded in 2007, Iron Point Partners, LLC (“Iron Point”) is a registered investment adviser that through its affiliates invests in opportunistic real estate transactions. The firm maintains offices in Washington, D.C. and Dallas, Texas. Iron Point invests across multiple value-oriented, and often counter-cyclical, investment themes, including commercial distressed real estate, technology related real estate, healthcare related real estate and other opportunistic real estate assets.

Extra Space Storage® is the second largest self-storage REIT by size (number of facilities), behind Public Storage, and is the largest third-party management company for self-storage in the country, managing over 1,500 facilities, including 456 non-company owned locations.

To learn more about BGL’s Real Estate Advisors, please visit: www.bglco.com/real-estate