W. P. Carey REIT Affiliate Acquires 7 Self-Storage Properties for $53M
TAGS: Investing and Real Estate Companies and Products News
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.
PR Newswire: CPA:18 - Global Completes Self-Storage Acquisitions Totaling $53 Million