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W.P. Carey Non-Traded REIT Acquires Seven Self-Storage Assets for $53 Million

W.P. Carey Inc.’s CPA®:18 – Global, a public, non-traded REIT, recently completed an acquisition of seven separate self-storage facilities for a total purchase price of about $53 million.  The REIT’s self-storage acquisitions for 2014 surpassed $100 million in aggregate costs. 

“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,” commented Liz Raun Schlesinger, Managing Director of W. P. Carey.

The properties, listed below, will be managed by Extra Space Storage (five) and CubeSmart (two):

  • Kailua-Kona, HI facility – 56,352 net rentable square feet/507 units
  • Pompano Beach, FL facility – 74,927 net rentable square feet/771 units
  • Jensen Beach, FL facility – 63,650 net rentable square feet/755 units
  • Dickinson, TX facility –76,800 net rentable square feet/660 units
  • Humble, TX facility – 59,325 net rentable square feet/468 units
  • Temecula, CA facility – 89,228 net rentable square feet/660 units
  • Cumming, GA facility – 73,237 net rentable square feet/513 units

Schlesinger added, “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.”
“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 of W.P. Carey. 

No stranger to self-storage facilities, W.P. Carey Inc. has been active in the market since 2004, according to Coolidge.  She added that the company owns 78 net-leased U-Haul self-storage facilities and manages 85 assets on behalf of its non-traded REITs. 

As of September 30, 2014,  CPA®:18 – Global had raised just under $1.1 billion in equity, according to MTS Research Advisors.