Life Storage Inc., a self-storage real estate investment trust and management company, has purchased a 23-property portfolio from Metro Storage LLC for $369 million. It includes 12 facilities in Tampa, Florida; eight in Atlanta; and three in Chicago. Together, they comprise more than 1.5 million square feet in 13,989 units, according to the source.

“The properties fit well into existing markets for Life Storage,” said Marc Boorstein, principal of MJ Partners Real Estate Services, the brokerage that represented both buyer and seller in the transaction. “The portfolio was actively marketed nationwide and generated intensive bidding competition from a wide range of private and public-capitalized companies.”

The facilities contain 47% climate-controlled units, and were 92.3% occupied at the time of the sale.

“Metro Storage is an active developer nationwide with many other operating properties, and this sale of stabilized assets represents their interest in taking advantage of the current investment market and using proceeds for new developments,” Boorstein said.

In addition, Life Storage recently formed a joint venture with global real estate investment-management firm Heitman LLC to acquire 13 self-storage facilities across seven metropolitan markets. At about three years old on average, the properties are in Boston; Charlotte, North Carolina; Dallas; Naples, Florida; Nashville, Tennessee; Newark, New Jersey; and St. Louis.

Based in Buffalo, New York, Life Storage operates more than 1,000 self-storage facilities in 34 states. Its portfolio of owned and managed facilities comprises more than 74 million square feet.

Headquartered in Lake Forest, Ill., Metro operates more than 100 facilities. The privately owned, fully integrated real estate company specializes in the acquisition, development and management of self-storage in Brazil, Central America and the United States.

Source: SpareFoot StorageBeat, Metro Self Storage Sells 23-Property Portfolio for $369 Million