National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has purchased Value Self Storage in Palmetto, Fla., for $4.4 million. It’s the company’s fourth acquisition in the state over the past year, according to the source. The seller was Investment Properties of Sarasota LLC, an Osprey, Fla., company headed by James C. Rutledge.
The 4.8-acre property at 2015 8th Ave. W. will be branded as Hide-Away Storage. Sarasota, Fla.-based Hide-Away Storage Services Inc. became NSAT’s seventh participating regional operator a year ago. It contributed its 14 properties comprising about 1 million rentable square feet to the REIT’s self-storage portfolio for approximately $115 million.
In November, NSAT purchased several Florida self-storage facilities, including Lakewood Storage in Bradenton, Fla., for $7.6 million from Michael E. Edwards, owner of Manatee River Groves Inc. The company also bought a 26-property portfolio from Kayne Anderson Real Estate Advisors LLC, an investment-management firm, that included five facilities in Florida.
During October, NSAT completed its acquisition of the iStorage portfolio. The real estate transaction included the iStorage facility at 6403 State Road 64 E. in Bradenton, Fla.
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 448 self-storage facilities in 23 states comprising approximately 27.5 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.
- Herald Tribune: Storage Chain Buys Fourth in Area