U-Store-It Trust, a self-administered and self-managed real estate investment trust, entered into a contract with a subsidiary of Wells Fargo Bank to manage 25 self-storage facilities in eight states.
The properties are in California, Florida, Georgia, Illinois, Massachusetts, Michigan, New Jersey and New York, and encompass about 1.9 million rentable square feet.
U-Store-It Trust launched a third-party self-storage management division in early 2010 and now manages 119 self-storage facilities.
"We clearly demonstrated to Wells Fargo the depth and years of experience of our management team and our ability to seamlessly and quickly integrate facilities into our property-management infrastructure," said Christopher Marr, president and chief investment officer.
The managed assets can participate in the various U-Store-It revenue-enhancement programs including the company's national reservations center and U-Store-It's alliance with Two Men and a Truck.
U-Store-It owns or manages 487 facilities across the United States, and operates the U-Store-It Network, which consists of approximately 709 additional self-storage facilities.
Source: The Wall Street Journal, U-Store-It Awarded Management Contract for 25 Self-Storage Facilities