Update 10/27/15 – One of the 17 facilities recently acquired by National Storage Affiliates Trust (NSAT) was a Storage Pros location in Londonderry, N.H. The 45,000-square-foot facility was purchased for $4.9 million and marks the exit of Storage Pros Management LLC from the New Hampshire market, according to the source.
“We were looking to capitalize on high prices in this part of the cycle and to exit given market conditions,” David Levenfeld, CEO of Storage Pros, told the source. Low interest rates and rising consumer demand made it a good time to sell its only New Hampshire asset, he said.
Founded in 2007, Storage Pros is a privately owned company specializing in the acquisition, development and management of self-storage facilities in the eastern states. The company owns 51 facilities and manages an additional five in Florida, Massachusetts, Michigan and Tennessee. The properties comprise more than 3.2 million square feet of storage space, 28,000 units and 2,000 vehicle-parking spaces.
10/7/15 – National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, recently acquired 17 storage properties for approximately $75 million. The combined assets comprise about 1 million rentable square feet in approximately 8,300 units. The assets are in California, New Hampshire, North Carolina and Oregon, according to a press release.
“We are very pleased to announce the acquisition of these 17 properties, as we continue to grow our portfolio of institutional-quality properties,” said Arlen Nordhagen, CEO. “The acquisitions will complement our existing portfolio and enhance our long-term growth.”
The transactions were funded by a combination of draws on the company’s credit, an issuance of operating partnership units and the assumption of some short-term debt, the release stated.
Headquartered in Greenwood, Colo., NSAT is a self-administered, self-managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. metropolitan statistical areas throughout the United States The company has 275 self-storage facilities in 16 states comprising approximately 15.7 million net rentable square feet. 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.