The final nine self-storage facilities of A-American Self-Storage’s large portfolio sold this month for $31 million. The portfolio, totaling 42 facilities in California, Hawaii and Illinois, was acquired over several months for a total of $163 million.
CPA:17 - Global, a non-trading real estate investment trust and affiliate of investment firm W.P. Carey & Co. LLC, purchased the final nine facilities, five of which are in California. They will be managed by Extra Space Storage Inc. The other four are in Illinois and will be managed by SecurCare Self Storage. The properties comprise approximately 623,000 square feet. With W.P. Carey’s previous acquisition of 33 A-American facilities, the total is approximately 2.9 million square feet of storage space.
Charles “Chico” LeClaire, senior vice president of investments for the Denver office of Marcus & Millichap Real Estate Investment Services, had the exclusive listing to market the properties on behalf Los Angeles-based A-American Self-Storage. LeClaire also represented the buyer. 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 is an investment management company that oversees a global investment portfolio of approximately $11.8 billion.
Marcus & Millichap specializes in commercial real estate investments. The company has more than 1,200 investment professionals in offices nationwide.