W. P. Carey REIT Affiliate Acquires 7 Self-Storage Properties for $53M

CPA:18 – Global, an affiliate of global net-lease real estate investment trust (REIT) W. P. Carey Inc., recently acquired seven self-storage facilities in California, Florida, Georgia, Hawaii and Texas for a combined purchase price of $53 million. The properties comprise more than 493,000 square feet in 4,334 units.

CPA:18 – Global, an affiliate of global net-lease real estate investment trust (REIT) W. P. Carey Inc., recently acquired seven self-storage facilities in California, Florida, Georgia, Hawaii and Texas for a combined purchase price of $53 million. The properties comprise more than 493,000 square feet in 4,334 units. They are:

  • Cumming, Ga.—73,237 net rentable square feet in 513 units
  • Dickinson, Texas—76,800 net rentable square feet in 660 units
  • Humble, Texas—59,325 net rentable square feet in 468 units
  • Jensen Beach, Fla.—63,650 net rentable square feet in 755 units
  • Kailua-Kona, Hawaii—56,352 net rentable square feet in 507 units
  • Pompano Beach, Fla.—74,927 net rentable square feet in 771 units
  • Temecula, Calif.—89,228 net rentable square feet in 660 units

All of the properties will be managed by publicly traded self-storage REITs. Five will be managed by Extra Space Storage Inc., the remaining two by CubeSmart.

CPA:18 – Global is a publicly held, non-traded REIT managed by W. P. Carey.

"With the completion of these seven transactions, we closed a total of 14 deals in 2014. Our ability to source and execute on this number of transactions is the result of having a nimble and focused team who can recognize attractive investment opportunities and efficiently manage the due-diligence and documentation processes,” said Liz Raun Schlesinger, managing director for W. P. Carey. “In the self-storage sector, it is critical to not only buy right, but also to manage right. We are already working with Extra Space Storage and CubeSmart on other self-storage assets around the U.S. and believe that their ability to manage these assets will, in conjunction with our own storage expertise, enhance their long-term value."

W. P. Carey's owned and managed self-storage portfolio now comprises 163 facilities totaling 10 million net rentable square feet. “Wrapping up these transactions prior to year-end and achieving transaction volume in excess of $100 million in 2014 is a testament to our access to capital, depth of capabilities, strong industry network and recognized track record for quickly executing on self-storage opportunities of all sizes," added Anne Coolidge Taylor, managing director for W. P. Carey.

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.

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