DENVER, CO | Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 26 property, 1.8 million square foot self storage portfolio with locations in four states. National Storage Affiliates acquired the portfolio from Kayne Anderson Real Estate Advisors LLC. The transaction was brokered by Charles “Chico” LeClaire, Senior Vice President Investments and Adam Schlosser, Vice President Investments, both of Marcus & Millichap’s Denver office. The pair also procured the buyer. Evercore acted as an advisor in the transaction.
Charles “Chico” LeClaire, Senior Vice President Investments for Marcus & Millichap’s National Self Storage Group commented, “Several of the properties in the portfolio have been upgraded and expanded over the past year, and NSA saw a real opportunity to use their management capability to capitalize on these upgrades and expansions to drive improve net operating income.”
The portfolio consists of five locations in Florida, six in California, eight in Indiana and seven in Ohio. The properties are primarily “A” and “B” class assets that are well located in high growth markets with strong access and visibility. Five of the properties are currently being expanded by a total of 345,000 square feet adding an additional 796 units to the portfolio.
Arlen Nordhagen, CEO and Chairman of National Storage Affiliates noted, “The acquisition of these properties, with their significant expansions and improvements, continues to increase NSA’s market share in our Florida, California, and Indianapolis markets, and strengthens our overall footprint. We are especially enthusiastic about the opportunity to apply NSA’s technology platform tools to these new acquisitions which will further fuel the company’s growth.”
National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. The company currently holds ownership interests in and operates 446 self storage properties located in 23 states with over 27 million rentable square feet. NSA is the sixth largest owner and operator of self storage properties among public and private companies in the U.S.