By Keith Loria, Contributing Editor<\/i><\/p>\n
Public Storage REIT has acquired a portfolio of 43 self-storage properties totaling 22,500 units in five states from Harrison Street, accounting for the largest self-storage portfolio transaction of 2013 so far.<\/p>\n
The properties will be rebranded by the new owner.<\/p>\n
Harrison Street had assembled the properties in the portfolio over the course of the last six years, in separate deals in the states of Texas, North Carolina, South Carolina, Virginia and Georgia. The company acquired or developed these assets across three of its closed-end opportunity funds, Harrison Street Real Estate Property Funds I, II and III, launched in 2006, 2008 and 2010 respectively.<\/p>\n
All assets were owned in a joint-venture with Morningstar Properties and managed under the Morningstar Mini-Storage brand.<\/p>\n
\u201cWe are extremely pleased with the outcome of this portfolio sale,\u201d Christopher Merrill, Harrison Street\u2019s co-founder, president & CEO, said in a company release. \u201cThe strategy of rolling up our sleeves and working to build a portfolio over time proved to be quite successful for our L.P.\u2019s.\u201d<\/p>\n
The portfolio was approximately 82 percent occupied at the time of the transaction.<\/p>\n
In 2013, Harrison Street has acquired more than $2 billion of new investments following its philosophy of acquiring or developing in the student housing, senior housing, medical office and self-storage segment.<\/p>\n
According to Merrill, the firm is currently bringing one of the largest student housing portfolios to market in the fourth quarter with a portfolio they believe will exceed $650 million.<\/p>\n
Harrison Street also has more than $5.5 billion in assets under management and has raised more than $4 billion in discretionary equity for all of its investment offerings. The firm projects that by the end of 2013 the total gross dispositions of assets owned by Funds I, II and III will approach $2 billion.<\/p>\n
With this deal, Harrison Street has sold more than $1 billion of assets in 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"
Public Storage REIT has acquired a portfolio of 43 self-storage properties totaling 22,500 units in five states from Harrison Street, accounting for the largest self-storage portfolio transaction of 2013 so far.<\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,11,21742],"tags":[],"class_list":["post-1004084714","post","type-post","status-publish","format-standard","hentry","category-industrial","category-investment","category-midatlantic","category-latest"],"acf":[],"yoast_head":"\n