W.P. Carey Non-Traded REIT Acquires 2 Self-Storage Properties

CPA®: 18 – Global, W.P. Carey’s publicly held, non-traded REIT, revealed today that it has acquired 2 self-storage properties to add to its growing portfolio. The Floridian properties, located in Kissimmee and St. Petersburg, were acquired in January 2014 for approximately $24.6 million

The properties are both Class-A facilities in strong Florida markets with the Kissimmee property totaling 83,280 square units across 981 units and the St. Petersburg facility totaling 85,842 square feet across 882 units. The acquisitions bring W. P. Carey’s managed, Florida-based self-storage assets to 10 properties totaling 699,674 square feet. The financing for the properties totaled approximately $14.5 million.

W. P. Carey’s Managing Director, Anne Coolidge Taylor commented, “Following on the heels of our robust acquisition volume in 2013, the acquisition of these two properties is a good start to 2014.” She Continued, “In terms of the overall storage investment market, recent reports indicate that over the past two years competition among buyers has caused self-storage values to increase. As we evaluate new investment opportunities, we continue to monitor local market conditions that indicate growth in new self-storage construction in the coming years.”

W.P. Carey has been involved in the self-storage industry since 2004. It currently owns and manages 153 storage properties that total 9.26 million rentable square feet. CPA®: 18 – Global focuses on building a diversified portfolio of commercial properties and other real estate related assets that will generate income.