So far, it’s been a busy year in self-storage for W.P. Carey.

The publicly traded real estate REIT spent $161 million to buy 15 self-storage facilities during the first half of 2015. The company also acquired a site for its first development project with a joint venture partner.

Besides self-storage, New York City, NY-based W.P. Carey invests in office, retail, hotel and industrial properties.

Asset growth

The 15 facilities bought by W.P. Carey so far in 2015 cover about 1.4 million square feet. The company is the 10th largest self-storage owner by square footage, with about 9.9 million square feet in its portfolio, according to its website.

The facilities purchased so far this year were added to W.P. Carey’s affiliated CPA:18-Global fund, which now has 22 facilities under its umbrella. Extra Space Storage was tapped to manage 18 of those facilities, with CubeSmart managing the four others.

“In the self-storage sector, it is critical to not only buy right, but also to manage right,” said Liz Raun Schlesinger, managing director and head of self-storage at W.P. Carey. “Our appreciation of the management component for self-storage investments has been a critical factor in our ongoing success with our existing assets.”

First development

Also under CPA:18-Global, W.P. Carey will develop its first self-storage facility — in the Toronto suburb of Vaughan, Ontario. Budget Development Group is W.P. Carey’s joint venture partner for the project and will manage the facility.

The planned facility will offer 1,137 units across 108,275 rentable square feet. The facility is expected to open in August 2016.

CPA:18-Global facilities

Here is a list of the 22 facilities that W.P. Carey owns under CPA:18-Global.


  • Naples — 179,791 net rentable square feet, 1,209 units
  • Valrico — 68,319 net rentable square feet, 716 units
  • Tallahassee — 121,699 net rentable square feet, 801 units
  • Sebastian — 51,048 net rentable square feet, 459 units
  • Lady Lake — 68,250 net rentable square feet, 583 units
  • Panama City Beach (2) — 128,725 net rentable square feet, 1,161 units
  • Sarasota facilities (2) — 110,782 net rentable square feet, 1,088 units


  • Lilburn — 66,140 net rentable square feet, 468 units
  • Stockbridge — 31,825 net rentable square feet, 276 units


  • Hesperia (3) — 282,971 net rentable square feet, 1,884 units
  • Lancaster — 71,361 net rentable square feet, 601 units
  • Highland — 49,950 net rentable square feet, 461 units
  • Rialto — 100,459 net rentable square feet, 768 units
  • Thousand Palms — 110,246 net rentable square feet, 640 units

Illinois, Kentucky, Missouri, Nevada

  • Crystal Lake, IL — 58,100 net rentable square feet, 517 units
  • Louisville, KY — 124,737 net rentable square feet, 696 units
  • St. Peters, MO — 40,800 net rentable square feet, 329 units
  • Las Vegas, NV — 73,485 net rentable square feet, 719 units
Alexander Harris