National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has signed an agreement to add Florida-based Personal Mini Storage as the REIT’s eighth participating regional operator (PRO). Personal Mini manages 40 facilities in mid-Florida comprising approximately 2.7 million rentable square feet, according to a press release.
"We will continue to retain our management team and operate our management company as a family-owned business while at the same time gaining all the benefits of being part of a large public company," said Marc Smith, president of Personal Mini. "Joining NSA as its newest PRO is the best way to accelerate our growth through NSA attractive capital structure, and at the same time, strengthen our operational tools by integrating them into NSA 'best-practices' platform. We expect to see significant growth, both personally and professionally, for our entire team as a result of our affiliation with NSA."
Personal Mini will join Guardian Storage Centers, Hide-Away Storage Services Inc., Move It Self Storage, Northwest Self Storage, Optivest Properties, SecurCare Self Storage and Storage Solutions in NSAT’s regional-operator stable. “We are extremely pleased to introduce Personal Mini, a long-time industry leader, as our eighth PRO,” said CEO Arlen D. Nordhagen. "Our new partnership with Personal Mini will significantly strengthen [NSAT’s] presence in the Florida market. We look forward to working with the entire Personal Mini team and welcome them."
Founded in 1982 by brothers Stan and Ron Shader, Personal Mini Storage has remained a family-owned and -operated business for more than 30 years. The company is currently managed by Laurie and Marc Smith, who have more than 20 years of self-storage industry experience.
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 has ownership interest in 453 storage facilities in 23 states. Its portfolio comprises approximately 28 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.