Self-storage REIT Extra Space Storage recently bought a seven-facility portfolio from a Charlotte, NC-based real estate management and investment firm.
FCA Partners sold the portfolio for about $57 million. The sale took place in mid-December.
Salt Lake City, UT-based Extra Space already managed six of the facilities, located in North Carolina and South Carolina. The seventh property, in Texas, operated under the name Stow & Go.
The portfolio encompasses 4,306 units.
Market heating up
Al Lindemann, managing partner of FCA, told the Charlotte Business Journal that the market for self-storage properties is heating up.
“There’s a lot of investor appetite for it, and there’s very little that has been built over the last four years,” Lindemann told the business journal.
Lindemann launched FCA last year with business partner Ed Cherry. The company invests in commercial real estate on behalf of pension fund clients, including the Ohio Public Employees Retirement System. FCA has more than $1 billion in assets under management.
The company said it plans to sell some of its apartment complexes during the first half of 2015.
Here are the seven facilities purchased by Extra Space:
- 4070 N. Central Expressway, Dallas, TX
- 3600 Wade Hampton Blvd., Taylors, SC
- 733 10th Ave. Southeast, Hickory, NC
- 550 Peters Creek Parkway, Winston-Salem, NC
- 2720 University Parkway, Winston-Salem, NC
- 2910 Lawndale Drive, Greensboro, NC
- 4514 High Point Road, Greensboro, NC (pictured at top)