{"id":1004295059,"date":"2019-01-30T03:28:00","date_gmt":"2019-01-30T11:28:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004295059"},"modified":"2019-01-30T03:28:00","modified_gmt":"2019-01-30T11:28:00","slug":"nuveen-real-estate-buys-1-3-msf-self-storage-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nuveen-real-estate-buys-1-3-msf-self-storage-portfolio\/","title":{"rendered":"Nuveen Real Estate Buys 1.3 MSF Self Storage Portfolio"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Keith-nuveen.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004295080\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nuveen-real-estate-buys-1-3-msf-self-storage-portfolio\/keith-nuveen\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Keith-nuveen.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Keith nuveen\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Keith-nuveen.jpg?w=800\" class=\"alignright wp-image-1004295080 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Keith-nuveen.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Keith-nuveen.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Keith-nuveen.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Keith-nuveen.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Nuveen Real Estate has acquired a 90 percent interest in a 21-property, high-quality self storage portfolio located in the southern part of the country, from Morningstar Storage, which will retain a 10 percent ownership in the assets.<\/p>\n<p><em>\u201cThese properties provide Nuveen Real Estate immediate scale and exposure to one of the fastest-growing alternatives sectors of real estate in some of the most sought-after submarkets in the U.S.,\u201d <\/em>William Harrison, Nuveen Real Estate\u2019s managing director of housing, Americas, said in a prepared statement.<em> \u201cNuveen Real Estate sees the self storage sector as a defensive asset class with relatively low capital requirements, making it a strong complement to our core holdings in the housing, retail, office and industrial sectors.\u201d<\/em><\/p>\n<p>The portfolio comprises 11,130 units, with a grand total of approximately 1.3 million square feet of space. Of those, 65 percent are climate controlled. The average age of the units is 11, and the portfolio as a whole was 85 percent occupied at closing.<\/p>\n<h2><strong>Storage industry rises in the South<\/strong><\/h2>\n<p>Among the cities where the storage units are situated are Atlanta, Ga; Tallahassee, Fla.; and Charlotte, N.C. All facilities are within cities offering favorable demographic trends and projected population growth.<\/p>\n<p>According to Marcus &amp; Millichap\u2019s most recent national self storage market report, a positive economic momentum has driven an increased need for self storage, while new supply slows rent growth. The report predicts supply will outpace demand in the months ahead, applying upward pressure on vacancy in numerous metros across the country.<\/p>\n<p>Earlier this month, the Mele Group of Marcus &amp; Millichap arranged the sale of Self Storage Center Portfolio, a <a href=\"https:\/\/www.commercialsearch.com\/news\/the-mele-group-brokers-sale-of-self-storage-center-portfolio\/\">177,575-net-rentable-square-foot, three-property <\/a>collection located in three towns across Rhode Island.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company now owns a 90 percent interest in a collection of 21 assets spread across the southern part of the country.<\/p>\n","protected":false},"author":451,"featured_media":1004295080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,23891,21742],"tags":[34836,43901,36367],"class_list":["post-1004295059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-national","category-latest","tag-marcus-millichap","tag-nuveen-real-estate","tag-the-mele-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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