Self-storage real estate investment trust (REIT) Life Storage Inc. and a joint-venture partner have acquired 18 facilities in Arizona, Nevada and Tennessee. The REIT holds a 20 percent ownership interest, according to a press release, and the properties will be named and managed under the Life Storage brand.
The purchase includes 11 facilities in Arizona, five in Las Vegas and two in Nashville, Tenn. Together, they comprise approximately 1.5 million square feet of net rentable storage space.
“We anticipated a busy year of acquisitions with our joint-venture partners, and it has come to fruition. We will continue to look to acquire additional assets in the coming months,” said Paul Powell, chief investment officer.
Since January, the REIT has added 25 assets with an aggregate cost of $493 million to its portfolio through joint ventures, the release stated. The company purchased two Storage Express facilities in Lancaster and Palmdale, Calif., in an off-market transaction in May. Together, the properties contain 1,390 storage units and 182 vehicle-parking spaces.
Based in Buffalo, N.Y., Life Storage operates 675 self-storage facilities in 29 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 45 million square feet.