Life Storage Acquires 3-State, 18-Asset Portfolio
The investment trust acquired 1.5 million square feet of self-storage space in Arizona, Nevada and Tennessee. Since the beginning of 2017, Life Storage has purchased 25 assets.
By Alexandra Pacurar
Life Storage bulked up its portfolio by acquiring 18 facilities in Arizona, Nevada and Tennessee.
Life Storage acquired 18 self-storage facilities through a joint venture in which it holds a 20 percent ownership interest. The investment trust will manage the properties under its own brand.
The assets are located in Arizona (11), Las Vegas (5) and Nashville, Tenn. (2) They total roughly 1.5 million square feet.
“We anticipated a busy year of acquisitions with our joint venture partners and it has come to fruition. We will continue to look to acquire additional assets in the coming months,” Paul Powell, Chief Investment Officer at Life Storage, said in a prepared statement.
Since January the company and its joint venture partners have acquired 25 high-quality self-storage properties worth approximately $493 million. The company manages a total of 130 properties through its joint venture and third-party management agreements.
Image courtesy of Life Storage
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