Los Angeles-based LAACO Ltd. is working with an unidentified adviser to solicit interest from potential buyers for Storage West, its division that specializes in self-storage acquisition, development and management. No target valuation was available, according to a report from Bloomberg.
Storage West operates 59 self-storage locations in Arizona, California, Nevada and Texas. The company ranked No. 26 on the Inside Self-Storage 2020 Top-Operators List of facility owners with a portfolio comprising more than 4.7 million rentable square feet. It didn’t report figures for inclusion on the 2021 Top-Operators Lists.
The self-storage division experienced “impressive year-over-year growth” and recorded 92% occupancy in a 2020 LAACO annual report written by Karen Hathaway, the company’s president and managing partner, Bloomberg reported.
Officials from LAACO and Storage West haven’t commented publicly about the possible sale.
LAACO’s origins date back to 1880 with the founding of the Los Angeles Athletic Club, an iconic institution whose members have won approximately 100 Olympic medals. It also owns the California Yacht Club. The Storage West division was launched in 1978.
BloombergQuint, LAACO Is Said to Explore Storage West Sale as Self-Storage Booms