Gopher State Storage – Forest Lake

Gopher State Storage – Forest Lake sits on 15.5 acres along Highway 8 at the north end of Forest Lake, a lake-country community on the northern edge of the Twin Cities metro. Highway 8 is the main route connecting I-35 and the Twin Cities to the Chisago Lakes area and western Wisconsin. It carries more than 22,000 vehicles per day, and capacity improvements are planned between Forest Lake and Chisago City. The trade area is affluent and anchored by homeowners: about 33,000 residents live within five miles, with 75% owner-occupied housing. The region’s lakes and recreation also drive steady demand for boat, RV and vehicle storage.

The facility has 278 units across 56,900 NRSF: 41,950 SF of drive-up storage, 8,950 SF of outdoor parking, and 6,000 SF of retail/flex space leased to 2 tenants. The original buildings date to 2005, and the newest were completed in 2020 and 2021. The property runs at 99% economic occupancy and 97% occupancy by square footage. A new owner steps into a stabilized asset with clear paths to grow through tenant protection programs, leasing the remaining parking spaces, or building more storage buildings.