National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has acquired a 14-property portfolio from The Jenkins Organization (TJO), a Houston-based real estate company specializing in self-storage acquisition and disposition, development, property management, and ownership. Totaling 8,517 units, the purchase comprises six properties in Houston and three in Austin, Texas; two in the Minneapolis-St. Paul markets; and one each in Dallas, San Antonio and St. Louis, according to a press release. The transaction includes assets built between 1997 and 2017.
TJO was represented in the transaction by Steve Mellon and Brian Somoza, managing directors; David Berglund, senior managing director; and Blaise Tomazic, vice president, of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers.
Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas. With a portfolio comprising approximately 49.5 million rentable square feet, the company has ownership interest in 788 storage facilities in 35 states and Puerto Rico. It’s owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.
Formed in 1989, TJO manages or owns more than 60 self-storage properties comprising more than 4.5 million square feet. Its wholly owned affiliates include TJO 10 x 10 Management and The Storage Web LLC, which offers website design and Internet marketing for TJO properties. The company also focuses on RV parks, with three Great Escape RV Resorts in Colorado, Mississippi and Texas. In all, it has more than $500 million of commercial real estate assets under management.
Multi-Housing News, National Storage Affiliates Buys Three-State Self Storage Portfolio
RE Journals, REIT Acquires 14-Property Self-Storage Portfolio