W.P. Carey Affiliate Acquires $86M Self-Storage Portfolio
|Copyright 2014 by Virgo Publishing.|
|Posted on: 07/07/2011|
CPA: 17 - Global, an affiliate of investment firm W. P. Carey & Co. LLC, has acquired a 24-property portfolio from A-American Self Storage for $86 million. The self-storage facilities―18 in California, one in Hawaii and five in Illinois―comprise 1.6 million square feet.
The California and Hawaii properties are being managed by Extra Space Storage and rebranded with that name effective June 27. The Illinois properties will be managed by SecurCare Self Storage.
Reed Smith LLP represented CPA:17 - Global as general real estate and transaction counsel in connection with the acquisition and financing of the portfolio.
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, according to president and CEO Trevor Bond. “We believe that the consistent long-term income that can be generated by appropriately structured self-storage investments makes this an ideal addition to CPA:17 - Global's portfolio,” he said.
“This transaction is particularly exciting for us because the properties are well-located in markets with good demographics and strong barriers to entry,” added director Liz Raun Schlesinger.
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 billion. 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.