MIAMI—Global net lease REIT W.P. Carey is snapping up Florida self-storage properties. CAP:18, one of its publicly held non-traded REIT affiliates, has acquired two self-storage facilities for $24.6 million.

"In terms of the overall storage investment market, recent reports indicate that over the past two years competition among buyers has caused self-storage values to increase," says WPC managing director Anne Coolidge Taylor. "As we evaluate new investment opportunities, we continue to monitor local market conditions that indicate growth in new self-storage construction in the coming years."

The Florida properties are located in Kissimmee and Saint Petersburg. Financing of the acquisitions totaled $14.5 million. The new self-storage properties add to WPC's $121 million worth of self-storage acquisitions in 2013 in Florida, California, New York, Hawaii, and Georgia.