W. P. Carey Buys Self-Storage Property in Greater Orlando
- Feb 14, 2014
W. P. Carey Inc. took a dynamic start this year, having recently announced that one of its publicly held non-traded affiliates, CPA®:18 – Global acquired two Florida self-storage facilities last month, one of which is located in the Greater Orlando, Fla. area.
W. P. Carey is a leading global net-lease REIT that owns and manages an investment portfolio totaling more than $15 billion. It is the ninth largest owner of self-storage properties in the United States, owning and managing 9.26 million net rentable square feet in 153 properties. The REIT affected $121 million of self-storage acquisitions in 2013, purchasing 13 properties in Florida, California, New York, Hawaii and Georgia on behalf of its managed REITs.
“Having added four Florida storage assets to our managed portfolios during 2013, we continue to be attracted by the overall strength of the Florida storage market,” says Liz Raun Schlesinger, managing director at W. P. Carey.
Located in Kissimmee, Fla., south of Orlando, Fla., as well as St. Petersburg, Fla. and Tampa Bay, Fla., both Class A facilities in question will be managed by Extra Space Storage. The aggregate purchase price was about $24.6 million for the two properties with acquisition financing totaling $14.5 million. With the recent acquisition, W. P. Carey currently manages a total of 699,674 square feet of self-storage space in 10 properties across the Sunshine State. The new Central Florida facility contributes to this number with 83,280 net rentable square feet in 981 units, whilst the one in St. Petersburg adds 85,842 net rentable square feet in 882 slightly smaller units.
Illustration courtesy of Hankwang via Wikimedia Commons