CPA: 18 – Global, a publicly registered non-traded real estate investment trust sponsored by W. P. Carey (NYSE: WPC), completed fifteen separate self-storage transactions during the first half of 2015 with an aggregate investment value of approximately $161 million, including acquisition costs. Individual transactions ranged from less than $3 million to more than $38 million.
The acquisitions expanded CPA®:18 – Global’s self-storage presence in Florida, Georgia and California, and added properties in Kentucky, Illinois, Nevada and Missouri.
In addition, a soon-to-be-developed facility, which is located in the affluent northern Toronto-suburb of Vaughan, Ontario, is a joint venture with local partner, Budget Development Group, an established developer and manager of self-storage facilities in Canada. Upon completion, which is expected to occur in August 2016, the facility will include 108,275 net rentable square feet, comprised of 1,137 units.
Liz Raun Schlesinger, W. P. Carey managing director and head of self-storage, commented, “With the completion of these 15 transactions, we succeeded in acquiring 22 well-positioned operating facilities. Our experience in the sector, coupled with our management expertise and ability to assess new markets, allowed us to secure our first development opportunity and enter an attractive, growing and underserved Canadian market with an established local joint venture partner. Sourcing and executing on multiple transactions ranging from single properties to portfolios to solid development opportunities, our team continues to recognize attractive opportunities.”
Extra Stage Storage will manage 18 of the acquired operating properties, while the remaining four will be managed by CubeSmart. The to-be-developed facility in Vaughan, Ontario will be managed by Budget Development Group.
W. P. Carey Inc. is a global net lease real estate investment trust specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net lease properties.