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Storage REIT Buys Two Self Storage Businesses in Manatee

Storage REIT Buys Two Self Storage Businesses in Manatee
Posted: 11/8/2016 Link: HeraldTribune.com
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One of the nation's largest operators of self storage facilities spent $17.8 million here last month to acquire two properties.

National Storage Affiliates, a real estate investment trust, paid $10.2 million for the iStorage at 6403 State Road 64 E.

One week later, it bought Lakewood Storage, 2709 Lorraine Road, for $7.6 million.

NSA has been expanding throughout the area. In February, the Greenwood Village, Colorado-based REIT took over Sarasota's Hide-Away Storage Services, whose 14 properties along the West Coast became a participating regional operator in a deal valued at $115 million.

NSA says it operates 418 self-storage facilities in 23 states, ranking it the sixth-largest owner/operator in the country. Thirty-seven of its properties are in Florida.

It bought iStorage from Storage Quest Bradenton Limited Partnership, a company based in Winter Garden. The property totals six acres with 91,558 square feet of building.

That was part of a $630 million deal in which NSA, in a joint venture with a state pension fund, purchased the entire iStorage portfolio of 66 properties in 12 states. NSA also acquired the iStorage property management platform, including a property management company, a captive insurance company and the iStorage brand.

Manatee River Groves of Bradenton, headed by Michael E. Edwards, sold Lakewood Storage. The deal included separate parcels totaling 20 acres and more than 57,000 square feet of building. The facility has indoor storage as well as outdoor storage for RVs, boats and other vehicles.

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