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W. P. Carey Affiliate Acquires Value Self Storage at University Square in Sarasota, FL

An affiliate company of global net-lease real estate investment trust (REIT) W. P. Carey Inc. recently acquired Value Self Storage at University Square in Sarasota, Fla., for $5.8 million. The facility at 3283 University Parkway had been owned by Sarasota-based Rutledge Realty and Development Co., according to the source. It comprises 63,000 square feet.

June 25, 2015

1 Min Read
W. P. Carey Affiliate Acquires Value Self Storage at University Square in Sarasota, FL

An affiliate company of global net-lease real estate investment trust (REIT) W. P. Carey Inc. recently acquired Value Self Storage at University Square in Sarasota, Fla., for $5.8 million. The facility at 3283 University Parkway had been owned by Sarasota-based Rutledge Realty and Development Co., according to the source. It comprises 63,000 square feet.

The facility was built on 2.9 acres in 2001 and is near an auto-supply store, bank and restaurant.

This is the third known self-storage transaction this year by W. P. Carey subsidiaries. CPA:18 – Global, a publicly held, non-traded REIT managed by W. P. Carey, acquired two Florida properties in January as part of a $53 million acquisition that included seven assets in five states. In February, CPA:18 – Global also purchased a self-storage asset in Naples, Fla., for $16.4 million.

Value Self Storage continues to operate four locations in Port Charlotte, Sarasota and Venice, Fla., according to its website. Founded in 1985, the company offers services including boat/RV storage, document storage and moving-truck rentals.

Affiliates of W. P. Carey own more than a dozen self-storage facilities in Florida, according to the source. The New York-based investment-management company oversees a global investment portfolio. It manages a series of non-traded REITs with assets under management of approximately $9.5 billion. The company’s enterprise value is approximately $11.2 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.

Sources:

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