California-based self-storage operator LifeStorage LP has acquired a four-property portfolio in Boulder, Colo., from Heitman LLC, a global real estate investment-management firm. The facilities, which previously operated under the SecurCare Self Storage brand, comprise approximately 324,000 rentable square feet in 3,000 units. Together they represent about 45 percent of self-storage space in the city, according to a press release by JLL (Jones Lang LaSalle) Capital Markets, the real estate services firm that represented the seller in the transaction.
“This four-property offering provided investors with a highly compelling, turnkey opportunity to acquire a stabilized self-storage portfolio,” said Steve Mellon, a managing director of JLL, who helped broker the deal along with fellow managing director Brian Somoza. “The proximal locations, strong surrounding demographics and quality of construction should result in a solid investment for LifeStorage.”
JLL is an investment-management firm specializing in real estate services for property investors and occupiers. The company has more than 230 corporate offices around the world and a global workforce of more than 60,000 employees. It completed $138 billion in acquisitions, finance and sales transactions in 2015.
Founded in 1966, Heitman has 12 offices worldwide and $35.2 billion in assets under management.
Founded in 1988 and based in Lone Tree, Colo., SecurCare operates more than 140 storage facilities in 13 states. It’s one of seven participating regional operators of National Storage Affiliates Trust, a self-administered and -managed real estate investment trust headquartered in Greenwood, Colo.
Founded in 2011, LifeStorage is headquartered in Roseville, Calif. It owns, has under purchase agreement or operates more than 80 self-storage properties in nine states, with a heavy concentration in the Chicagoland area.