W.P. Carey Affiliate Acquires Nine Self-Storage Properties for $46M
|Copyright 2014 by Virgo Publishing.|
|Posted on: 09/15/2011|
CPA: 17 - Global, an affiliate of investment firm W. P. Carey & Co. LLC, has acquired nine self-storage facilities from A-American Self Storage for approximately $46 million. The properties comprise about 662,000 square feet and are located in California (4), Illinois (3) and Hawaii (2). The properties are expected to provide consistent long-term income and diversification to our managed funds, according to W.P. Carey President and CEO Trevor Bond.
Reed Smith LLP represented CPA: 17 - Global as general real estate and transaction counsel in connection with the portfolio acquisition and financing.
The California and Hawaii properties will be managed by Extra Space Storage. The Illinois properties will be managed by SecurCare Self Storage.
W.P. Carey made its first self-storage investment in 2004 with the $312 million acquisition of 78 U-Haul facilities. Since then the company has expanded its involvement in the space and developed an internal team with industry-specific knowledge. CPA: 17 – Global completed the acquisition of 24 self-storage facilities in July, also from A-American Self Storage.
"Having completed a recent transaction with A-American, we were able to efficiently work through the closing of these facilities,” said W. P. Carey Director Liz Raun Schlesinger. We believe we will be able to maximize the performance of these properties through the combination of our own team and the management expertise of both Extra Space Storage and SecurCare Self Storage."
CPA: 17 - Global is a publicly held, non-traded real estate investment trust.
W. P. Carey is an investment-management company that provides long-term sale leaseback and build-to-suit financing for companies worldwide. The company manages a global investment portfolio of approximately $11.5 billion. Its investments span 28 industries and 17 countries, Publicly traded on the New York Stock Exchange, W. P. Carey and its CPA series of income-generating, non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets.