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Tuesday, May 24, 2022

Self-Storage REITS in $145M Deal

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Two real estate investment trusts affiliated with Ladera Ranch-based SmartStop Self Storage have bought 27 self-storage facilities and agreed to acquire five others for a total of $145 million from Long Beach-based DSI Properties Inc.

SmartStop is set to have 168 self-storage facilities under management once the transactions close, expected at the end of March.

The portfolio acquired includes about 18,000 units that combine for 1.9 million in net rentable square feet.

Two of the 32 facilities, totaling 145,000 net rentable square feet, are in Orange County.

Laguna Beach-based Bancap Self Storage Group brokered the transaction, SmartStop said.

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