A publicly-traded REIT has acquired a 23-property portfolio from Metro Self Storage for $369 million. Life Storage won the deal amid a sizable pool of interested parties.
Metro Storage is an active developer nationwide with many other operating properties and this sale of stabilized assets represents their interest in taking advantage of the current investment market, and using proceeds for new developments.”
“The properties fit well into existing markets for Life Storage,” said Marc Boorstein, principal of MJ Partners. “The portfolio was actively marketed nationwide and generated intensive bidding competition from a wide range of private and public capitalized companies.”
MJ Partners marketed the portfolio for Metro Storage, and represented both buyer and seller in closing the transaction.
“Metro Storage is an active developer nationwide with many other operating properties and this sale of stabilized assets represents their interest in taking advantage of the current investment market, and using proceeds for new developments,” said Boorstein.
Portfolio snapshot
The portfolio comprises 12 facilities in Tampa, eight facilities in Atlanta and three in Chicago. All together, the facilities offer more than 1.5 million square feet of storage space inside of 13,989 storage units.
The portfolio is made up of 47% climate-controlled units and a total occupancy of 92.3%.
