National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has acquired a 26-property portfolio in four states from Kayne Anderson Real Estate Advisors LLC, an investment-management firm. The 1.8 million-square-foot portfolio consists of six facilities in California, five in Florida, eight in Indiana and seven in Ohio. Five of the properties are being expanded by 345,000 square feet, adding another 796 units to the portfolio, according to a press release from Marcus & Millichap, the commercial real estate firm that brokered the deal. All of the properties will be branded as SecurCare Self Storage, an NSAT affiliate.
“The acquisition of these properties, with their significant expansions and improvements, continues to increase NSA’s market share in our Florida, California and Indianapolis markets, and strengthens our overall footprint,” said Arlen Nordhagen, NSAT CEO and chairman. “We are especially enthusiastic about the opportunity to apply NSA’s technology platform tools to these new acquisitions, which will further fuel the company’s growth.”
The buyer and the seller were represented in the transaction by Charles “Chico” LeClaire, senior vice president of investments, and Adam Schlosser, vice president of investments, in the Marcus & Millichap Denver office. “Several of the properties in the portfolio have been upgraded and expanded over the past year, and NSA saw a real opportunity to use their management capability to capitalize on these upgrades and expansions to drive improve net operating income,” LeClaire said.
Founded in 1988 and based in Lone Tree, Colo., SecurCare operates more than 160 storage facilities in 13 states.
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 United States. The company owns 446 storage facilities in 23 states. Its portfolio comprises more than 27 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.
Founded in 1971, Marcus & Millichap is a commercial property-investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States. The firm closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
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