National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self storage, has acquired a 22-property self storage portfolio in California from CPA:17 – Global, a publicly held, non-traded REIT managed by global net-lease REIT W. P. Carey Inc., according to the source. The facilities comprise a total of 1.6 million square feet and had an occupancy of 92 percent at the time of the sale.
The transaction includes eight facilities in Central California—seven in Bakersfield and one in Fresno. Southern California locations include Anaheim, Apple Valley, Grand Terrace, Harbor City, Palmdale, Riverside, Rosamond, San Diego, South Gate and Victorville, the source reported.
Self storage REIT and third-party management company Extra Space Storage Inc. manages the portfolio, according to the source.
Nicholas Walker, senior vice president at commercial real estate services and investment firm CBRE, represented the buyer and seller in the transaction.
W. P. Carey owns 211 self storage facilities in 29 states. The company announced last fall that it’s evaluating whether it should break into three separate businesses. The new structure would likely include a U.S. net-lease REIT that would own and manage domestic commercial properties, an international net-lease entity, and an asset-management company that would create non-traded REITs and other alternative investment products.
Based in New York, W. P. Carey is an investment-management company that oversees a global investment portfolio and has an enterprise value of approximately $11.7 billion. It manages a series of non-traded REITs with assets under management of approximately $11.7 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.
Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company’s portfolio comprises approximately 26.2 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self storage assets over the next few years as their current mortgage debt matures.