U-Store-It Trust acquired the property-management contracts of self-storage management firm United Stor-All Management LLC. Through the transaction, U-Store-It added the management of 85 self-storage facilities to its existing portfolio of 375 owned or managed assets. The additional facilities contain approximately 5.4 million square feet across 16 states and the District of Columbia.
U-Store-It also took on eight United Stor-All employees, including Carol Shipley, who will serve as vice president of the company's third-party management business. The other personnel are onsite facility managers.
“In addition to acquiring a robust third-party management platform that we intend to expand, we are adding relationships with many significant self-storage owners including top-tier institutions such as Harrison Street Real Estate Capital and W.P. Carey," said Christopher Marr, U-Store-It's president and chief investment officer.
The managed assets will have an opportunity to participate in the various U-Store-It revenue-enhancement programs including its National Reservations Center and the alliance with Two Men and a Truck moving services.
U-Store-It is a real estate investment trust that owns or manages 460 self-storage facilities nationwide and operates the U-Store-It Network, which consists of approximately 772 additional facilities.