Global net-lease real estate investment trust W. P. Carey Inc. has acquired a Storage Solutions self-storage facility in Louisville, Ky., for approximately $10.2 million. The property at 11440 Blankenbaker Access Drive is in an industrial park and comprises 110,000 rentable square feet in 776 units, according to a press release. It will be managed by Extra Space Storage Inc.
The seller, who is retiring, developed the property in three phases between 1998 and 2008. The facility features large, drive-through units, 30-foot driving aisles, individual door alarms, truck rentals and 32 video cameras. It generates more than $1 million in annual rental income, according to the release.
The owner was represented in the transaction by Paul Grisanti, principal broker, and Mike Helline, agent, of Grisanti Group Commercial Real Estate. Grisanti Group is a member of the Argus Self Storage Sales Network, a Denver-based network of real estate brokers who specialize in storage properties.
New York-based W. P. Carey is an investment-management company that oversees a global investment portfolio. It manages a series of non-traded REITs with assets under management of approximately $8.3 billion. The company’s enterprise value is approximately $9.8 billion. It provides companies worldwide with long-term sale leaseback and build-to-suit financing, and engages in other types of real estate-related investment.