National Storage Affiliates Trust (NSA), a Maryland-based real estate investment trust (REIT) specializing in self-storage, has purchased a five-property portfolio from Crossroads Self Services Storage in Shreveport, La., for $16.5 million. The storage facilities are located throughout the city and comprise approximately 340,000 rentable square feet in 2,338 units, according to a press release. They will be rebranded as SecurCare Self Storage.
Occupancy at the facilities was more than 90 percent at the time of purchase. NSA also intends to acquire a 20,000-square-foot expansion in a separate deal, the release said.
The deal was brokered by MJ Partners Real Estate Services. Principals Marc Boorstein and Jeff Jacobson as well as vice president David Kohn represented NSA and the seller, a private family operator, in the transaction.
Based in Chicago, MJ Partners is a full-service real estate brokerage and investment banking company specializing in commercial real estate, mortgage banking and consulting services. The company's clients include major financial institutions, private equity funds, REITs, opportunity funds, insurance companies, pension-fund advisors, corporations, private developers and entrepreneurial businesses.
NSA recently completed an initial public offering of 20 million common shares on the New York Stock Exchange. The REIT was previously referred to as National Storage Affiliates based in Colorado. The company was formed in July 2013 by affiliated self-storage operators Northwest Self Storage, Optivest Properties and SecurCare. It has since added Irvine, Calif.-based Guardian Storage; Addison, Texas-based Move It Self Storage and Chandler, Ariz.-based Storage Solutions as affiliated partners.
NSA is a self-administered, self-managed REIT with 225 self-storage facilities comprising 12.4 million net rentable square feet. The company is 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. The company intends to expand its footprint to more than 245 facilities and 14 million square feet by the second quarter of 2015, according to the company website.