Life Storage Inc., a self-storage real estate investment trust and third-party management company, has sold 32 facilities to an affiliate of The Inland Real Estate Group of Cos. Inc., a commercial real estate and finance firm. The properties are in Louisiana, Mississippi, North Carolina, South Carolina and Texas. Life Storage expects to continue managing the properties, pending the finalization of a long-term agreement, according to a press release.
“We are pleased to complete the sale of these mature properties and look forward to growing our management relationship with Inland as they continue to expand their self-storage portfolio,” said Joe Saffire, CEO of Life Storage.
“We are thrilled to form this strategic alliance with one of the largest publicly traded REITs in the self-storage industry,” added Mark Cosenza, senior vice president of Inland Real Estate Acquisitions LLC, the group affiliate that handled the transaction. The company identifies potential acquisition opportunities, negotiates transactions and purchases real estate assets on behalf of larger Inland group.
Based in Buffalo, N.Y., Life Storage operates more than 775 self-storage facilities in 28 states and Ontario, Canada. Its portfolio of owned and managed facilities comprises more than 55 million square feet.
BusinessWire, Life Storage Inc. Announces Sale of 32 Self Storage Properties to an Inland Affiliate