California-based self-storage operator LifeStorage LP has purchased two Superior Self Storage facilities in California for a combined total of $10.2 million. The properties at 1300 El Camino Ave. in Sacramento and 1022 E. St. in Woodland were family-owned and -operated. Superior operates five additional facilities in the Sacramento area.
The Sacramento facility encompasses 70,420 rentable square feet of storage space on 3.33 acres of land. It sold for $5.2 million. The Woodland property, which sold for $5 million, is comprised of 56,727 rentable square feet of storage space on 2.01 acres of land. The real estate transaction closed on Jan. 15.
Last fall, LifeStorage secured a $120 million investment from TPG Real Estate, the real estate division of TPG, a global private-investment firm. The company plans to use the funds to support its acquisition strategy in the top 50 U.S. markets, according to company officials. LifeStorage was also recently named one of the eight independent self-storage operators expected to grow significantly this year through the acquisition of existing storage properties as well as new development, according to SpareFoot, an online marketplace for self-storage consumers.
Tom de Jong of the real estate firm Colliers International in San Jose, Calif., represented LifeStorage in the Superior Self Storage transaction. de Jong is the broker affiliate for Northern California for the Argus Self Storage Sales Network, a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
LifeStorage operates more than 75 self-storage properties in nine states, with a heavy concentration in the Chicagoland area.