W. P. Carey Buys 3 Florida Self-Storage Facilities for $25M
Copyright 2014 by Virgo Publishing.
By:
Posted on: 11/30/2012



 

Real estate investment trust (REIT) W. P. Carey Inc. has acquired three Florida self-storage facilities from Safeguard Self Storage for approximately $25 million. The purchase was made through CPA: 17 Global, one of W.P. Carey’s publicly held, non-traded REIT affiliates.

The properties include 2,250 self-storage unites and more than 225,000 square feet. They will be managed by Extra Space Storage Inc. The facilities include:

  • 31100 U.S. Highway 19 N., Palm Harbor
  • 3108 W. Bearss Ave., Tampa
  • 2501 22nd Ave. N., St. Petersburg

“Located in well-trafficked visible locations in the greater Tampa market, we feel [the properties] are strong long-term assets and, as such, meet our portfolio objectives and our established acquisition parameters,” said Anne Coolidge Taylor, W. P. Carey Managing Director.

"We believe that these are very well-positioned and attractive assets. The quality of the assets in combination with the capabilities of the Extra Space management team and our own experience in the self-storage sector makes us confident that this will be a good and stable investment for our investors,” added Liz Raun Schlesinger, W. P. Carey Executive Director. “We have a strong relationship with the Extra Space team, having worked with them on other properties in our portfolio, and we look forward to working with them in order to maximize the value of these assets for our investors."

Michael A. Mele, a first vice president investments and senior director of the National Self-Storage Group for Marcus & Millichap Real Estate Investment Services, represented the seller.

W. P. Carey is an investment-management company that oversees a global investment portfolio of approximately $13.3 billion. It provides companies worldwide with long-term sale leaseback and build-to-suit financing, and engages in other types of real estate-related investment.

Headquartered in Salt Lake City, Extra Space owns or operates more than 900 self-storage properties throughout the United States and Puerto Rico. The company’s properties comprise approximately 610,000 units and about 66.5 million square feet of rentable space.

Marcus & Millichap has more than 1,000 investment professionals in offices nationwide and closed more than 5,000 transactions last year.