Former CubeSmart President Forms New Self-Storage Investment Company
|Copyright 2014 by Virgo Publishing.|
|Posted on: 01/11/2013|
Self-storage industry veteran Steven Osgood, former president and chief financial officer of U-Store-It Trust (now CubeSmart), has formed All Stor Storage LLC to invest in self-storage properties. The company is seeking to acquire self-storage properties and portfolios throughout the United States.
The partnership includes Tedd Towsley, former treasurer and controller for U-Store-It; Joseph Fong, a private equity and real estate investment professional; and McCombs Partners, the investment-management division of McCombs Enterprises. Together the team has more than 60 years of real estate experience, including more than 40 years in the acquisition, management and financing of self-storage assets, according to a press release.
In his position at U-Store-It, a publicly traded self-storage real estate investment trust, Osgood presided over the acquisition and management of 370 properties with an aggregate acquisition cost of approximately $1.5 billion. He now serves as CEO of All Stor.
Fong previously worked at Fortress Investment Group and Lehman Brothers, and collaborated with Osgood and Towsley on multiple transactions, including U-Store-It’s initial public offering.
McCombs Partners provides investment capital and advisory services to investors in private technology, consumer and industrial businesses. The company's core focus is assisting emerging growth companies with mergers and acquisitions, raising capital, and providing restructuring services.
“We are very pleased to be partnering with McCombs, which has a great track record of investing in and supporting the growth of many companies," said Osgood. "We look forward to deploying capital selectively on acquisition opportunities throughout the year.”