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W.P. Carey Closes on $20M Self-Storage Portfolio

BURLINGTON, MA-W.P. Carey & Co. finalizes its acquisition of a five-property self-storage portfolio, acquired from Stor-U-Self Management Corp.

By Beverly Ford | Updated on January 08, 2007

BURLINGTON, MA-W.P. Carey & Co. has closed on the $19.9-million acquisition of a five-property self-storage portfolio in Massachusetts and Connecticut containing 3,928 units and about 368,914 sf of rentable space. The portfolio, acquired from locally based seller Stor-U-Self Management Corp. , was the first self-storage buy for the global real estate investment company.

The transaction includes facilities in Billerica, North Andover and Brockton, all of which were constructed within the last three years. Two other properties in Taunton and Newington, CT, which were also acquired in the deal, previously served as industrial buildings before being converted into self-storage facilities. The total portfolio, which is 80% occupied, closed at a price of $69.73 per sf.

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