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Nuveen Real Estate Forms Joint Venture With My Place Self Storage

December 16, 2022

1 Min Read
Nuveen Real Estate Forms Joint Venture With My Place Self Storage

Update 12/16/22 – The joint venture between Nuveen Real Estate and My Place Self Storage acquired a Sugar Land, Texas, facility managed by real estate investment trust (REIT) CubeSmart and a Fairfield, Alabama, property managed by REIT Extra Space Storage. The Sugar Land site at 15025 Voss Road comprises 93,915 rentable square feet in 791 units, while the Fairfield location at 6500 Aaron Aronov Drive offers 78,215 rentable square feet in 602 units. Both will be rebranded under the My Place name and managed by Absolute Storage Management, a self-storage operator and management firm.

3/22/22 – Nuveen Real Estate, an American asset manager and subsidiary of financial-planning firm TIAA Investments, has entered into a $300 million joint venture with My Place Self Storage. The partnership plans to acquire and operate self-storage properties nationwide, according to a source.

My Place was launched a year ago along with Frigatebird Investments by Kurt O’Brien, who has more than three decades of self-storage industry experience as an investor, developer and operator. He founded Simply Self Storage and served as its CEO from 2004 to January 2021. He’s also president of OB Management Services Inc., which specializes in self-storage consulting as well as real estate development and management.

Larry Medvinsky, New York corporate partner, and Tushna Gamadia, real estate counsel, for international law firm Morrison & Foerster were advisors on the deal.

Nuveen manages more than 2,000 real estate investments worldwide, with $138 billion of assets under management. The company acquired 92.4% of Sweden self-storage operator 24Storage in December. The deal included 26 operating facilities and four properties under development.

Sources:
Global Legal Chronicle, My Place Storage’s $300 Million Joint Venture with Nuveen Real Estate
LinkedIn, Kurt O’Brien

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