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LAACO Buys Storage Facilities for $42 Mil

LOS ANGELES-The locally based limited partnership has acquired the seven self-storage sites with proceeds from the sale of its Topanga Canyon parcel.

By Erin Cassin | Updated on September 04, 2001

LOS ANGELES-The locally based limited partnership LAACO Ltd. has paid $42 million for seven self-storage facilities located in Southern California, Arizona and Nevada.

LAACO had been leasing the properties since May 2000, when the company inked an agreement with an option to buy the seven facilities and three additional sites for $52 million. With the recent acquisition, LAACO now owns all ten facilities, as the partnership had previously acquired the other three sites in a $10.5 million deal.

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