National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has added Blue Sky Self Storage as a participating regional operator (PRO). Blue Sky is a partnership between third-party management firm Argus Professional Storage Management and GYS Development LLC, which owns or manages more than 150 facilities, primarily in the Western and Southern United States. NSAT expects that Blue Sky’s initial managed portfolio will consist of seven properties that’ll be acquired by NSAT by March 31. The remaining facilities will become part of NSAT’s captive pipeline as candidates for future acquisition, according to a press release.
“We’re very excited to add Blue Sky to the NSAT platform, which will return the number of active PROs to 10 after the 2020 retirement of our SecurCare PRO and its integration into NSAT’s corporate management team,” said Tamara Fischer, president and CEO of NSAT. “Blue Sky’s large, owned and third-party-managed portfolio, which is predominantly in secondary markets, will significantly enhance our already robust acquisition pipeline. Further, Blue Sky brings an extensive network of industry relationships that will be beneficial to our growth going forward.”
Blue Sky is led by Lee Fredrick, Michael Perry and Ben Vestal, who have extensive experience in self-storage acquisitions, development and management. Fredrick and Vestal have been active in self-storage and the broader real estate industry for more than 20 years. Perry previously served as the vice president of acquisitions for NSAT and played a key role in the REIT’s growth after its initial public offering, the release stated.
Argus provides self-storage facility management, consulting and development services. It’s managed portfolio comprises more than 8 million net rentable square feet.
GYS specializes in self-storage acquisitions and development. It’s a division of Grow Your Storage LLC, a Texas-based property-management firm.
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 throughout the U.S. The company has ownership interest in 788 storage facilities in 35 states and Puerto Rico. Its portfolio comprises approximately 49.5 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.