Acadia Pays $170M for Self-Storage Portfolio

WHITE PLAINS-A portfolio of self-storage facilities in New York and New Jersey has changed hands for the tune of $170 million. Acadia Realty Trust, based here, purchased 11 self-storage properties totaling 933,000 sf from American Storage Properties North LLC.

Acadia Realty reported on Feb. 13, as part of its 2007 year-end financial disclosure, that it had entered into a contract in December in conjunction with its self-storage partner Storage Post to acquire 10 self-storage facilities. In January, Acadia went into contract on the 11th self-storage property. The portfolio acquisition was made through its Fund III, a $500-million equity fund managed by Acadia Realty, which closed in the second quarter of last year.

All of the properties were and will continue to be leased and managed by Storage Post. The deal was brokered by Gerry Trainor, managing director of Transwestern’s Institutional Commercial Group based in Washington, DC, and Steve Hryszko, national director of CB Richard Ellis’ Self Storage Group based in Cleveland, who both represented American Storage Properties in the transaction. According to Transwestern, the portfolio was 72% leased at the time of sale and included six newly constructed facilities in the lease-up phase, one still under construction and four that are converted warehouse properties.