Self storage real estate investment trust (REIT) Life Storage Inc. has acquired a facility in Sacramento, Calif., for $10.3 million from Storage Solutions Main Ave. LLC. The property at 181 Martin Ave. comprises 75,000 square feet and previously operated as Storage Solutions.
The purchase includes the option to expand the property by another 15,000 square feet, which Life Storage plans to pursue, according to Michael Rogers, vice president of real estate for Life Storage. “We’ve always looked at California as an attractive market. A lot of self storage is getting overbuilt, and in California, that is not happening,” he told the source, adding that obtaining entitlements to build in the state can be difficult.
The REIT is also considering other acquisition opportunities in the Sacramento region. The company operates 12 locations in the city.
Life Storage also recently announced that David Rogers, co-founder and longtime CEO, will step down on March 1, though he will remain on the board of directors. Rogers will be replaced by Joseph Saffire, who joined the REIT in November as chief investment officer. Under Rogers, Life Storage nearly doubled its revenue and funds from operations from 2013 to 2017.
Based in Buffalo, Life Storage operates more than 700 self storage facilities in 28 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 50 million square feet.