U-Store-It Trust has acquired six self-storage facilities the company previously managed in the Northeast. The facilities, which comprise approximately 332,150 square feet of self-storage space, are in a Boston suburb; Cherry Hill and Egg Harbor, N.J.; Queens, N.Y.; and a suburb of Washington, D.C. U-Store-It expects to invest a total of approximately $25.5 million in the properties, which were acquired in separate transactions.
Year-to-date, U-Store-It has acquired nine storage facilities for an aggregate investment of $58.7 million. The company also has three facilities under contract with a total potential investment of approximately $28.8 million. Assuming satisfactory completion of due diligence and other closing conditions, the U-Store-It anticipates these potential acquisitions will close before the end of the year.
"We continue to be pleased with our ability to source, negotiate and close on acquisitions of facilities located in our targeted markets. Our pipeline of opportunities located in our core markets continues to grow. We look forward to closing our remaining transactions this year and to a healthy acquisition profile in 2011," said Christopher Marr, president and chief investment officer.
U-Store-It is a self-administered and self-managed real estate investment trust. The company owns or manages 487 facilities across the United States and operates the U-Store-It Network, which consists of approximately 684 additional self-storage facilities.