National Storage Affiliates Purchases iStorage Facility for $10.2 Million

National Storage Affiliates Purchases iStorage Facility for $10.2 Million
Written by: Janelle O'Dea Posted: 10/28/2016 Link:
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A Denver-based real estate investment trust is expanding its Manatee County footprint.

National Storage Affiliates purchased the Manatee County iStorage facilities at 6403 State Road 64 E. in early October for $10.2 million.

iStorage, which has nearly 91,000 square feet of storage space available, is near the intersection of State Road 64 and Interstate 75 in a plaza with several nearby fast food, lodging and retail establishments. The property was last sold to iStorage management company Storage Quest Bradenton Limited Partnership in July 2012 for $6 million. 

NSA also owns the Hideaway Storage facilities in Manatee County, which were purchased in February for $115 million. Hideaway has more than 1 million square feet in Manatee and Sarasota counties, St. Petersburg, Fort Myers and Naples, and remains locally managed. Steve Wilson, Hideaway’s founder and biggest shareholder, said the iStorage purchase is part of a larger NSA expansion across the U.S.

The REIT purchased $600 million in roughly 60 iStorage facilities across the U.S., Wilson said. The iStorage purchase is different from the Hideaway deal because NSA will take over the Orlando-based management company that operates iStorage facilities along the Gulf Coast. In the Hideaway February purchase, no cash changed hands in the agreement. Instead, Wilson and other partners received compensation in forms of NSA and Hideaway stock. 

Other nearby iStorage facilities are located in Apollo Beach and Brandon.

Calls to NSA for comment were not returned Wednesday.

Coincidentally, the iStorage purchase comes as Hideaway is expanding its portfolio in Manatee County, as well. For the past few months, Wilson has worked on a deal to buy Lakewood Storage at 2709 Lorraine Road. The storage facility, owned by Michael Edwards through his company Manatee River Groves Inc., includes room for recreational vehicles and self storage. Wilson estimates the deal will come out to roughly $7 million, which includes additional land near Lakewood Storage that will, pending Manatee County government approval, be used for more storage buildings and new signage. 

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