REIT W. P. Carey Acquires Parkway Self Storage & Carwash in Palm Coast, FL, for $5.7M

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Real estate investment trust (REIT) W. P. Carey Inc. acquired Parkway Self Storage & Carwash in Palm Coast, Fla., for $5.7 million from Orlando, Fla.-based Storage US LLC, which purchased the facility in 2006 for $8.4 million. The facility at 4860 Palm Coast Parkway N.W. will be renamed Extra Space Storage and managed by Extra Space Storage Inc., a publicly traded REIT. The acquisition was made possible through a fund managed by W. P. Carey, said Guy Lawrence, a company spokesman.

The property includes nine self-storage buildings, an office, manager’s apartment, an automated carwash and a self-service carwash on 6 acres just west of Belle Terre Parkway. The structures were built in 2001-02.

New York-based W. P. Carey is an investment-management company that oversees a global investment portfolio of approximately $15.4 billion. It provides companies worldwide with long-term sale leaseback and build-to-suit financing, and engages in other types of real estate-related investment.

Headquartered in Salt Lake City, Extra Space owns or operates 974 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 649,000 units and 71 million square feet of rentable space.

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