ROSEVILLE, CA –LifeStorage, an owner, acquirer and operator of self-storage facilities, appoints Ben Carr to the position of chief investment officer and Vince Toenjes as general counsel. Carr will spearhead the acquisition process for the company, including the development and execution of LifeStorage's investment strategy. Toenjes will oversee the legal functions of the company in all areas including corporate and securities matters, acquisitions and real estate, human resources, asset protection, trademark monitoring, risk management, and compliance, governance and investor relations.
Carr and Toenjes will be based out of LifeStorage's headquarters in Roseville. Founded in 2011, LifeStorage currently owns, has under purchase agreement and operates 89 properties in nine states.
Carr tells GlobeSt.com: “As I continue my work in the self-storage industry, I look forward to spearheading the acquisition process as the company continues to grow its national presence.”
Carr is joining LifeStorage from CubeSmart, where he served as vice president of Investments and controller. CubeSmart is the fourth largest owner and operator of self-storage facilities in the United States.
Toenjes tells GlobeSt.com: “I look forward to working with all functions of the company from a legal perspective, ensuring continued success for the business.”
Toenjes previously served as vice president, real estate and associate general counsel for Coldwater Creek Inc., a specialty retailer.
“Ben's investment experience at a publicly traded REIT that is one of the largest self-storage players, and Vince's legal and operational leadership at a national specialty retailer add deep expertise to the management bench,” said Mark Good, chief executive officer of LifeStorage.
Carr began his career at PricewaterhouseCoopers where he led audit and consulting engagements for numerous clients including public REITs, homebuilders and private equity.
Carr also tells GlobeSt.com: “I look forward to building on the success that Mark and his team have accomplished over the past couple of years executing LifeStorage's investment strategy.”
Previously, Toenjes was a founding member of Gorrell Giles Gollata PC, a law firm focused on commercial and residential real estate acquisition, financing, development and sales.
Toenjes further tells GlobeSt.com: “I am excited to join the accomplished team Mark has assembled at LifeStorage at an exciting time for the company as it continues to quickly grow and expand its national footprint.”
According to the Self-Storage Association, the self-storage industry brought in an estimated $24 billion in revenue in 2013. The industry has been the fastest-growing segment of the commercial real estate industry during the past 40 years and has been considered by Wall Street analysts to be “recession resistant” based on its performance since the economic recession of September 2008.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
