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National Storage Affiliates Trust expands Florida self-storage footprint with acquisition
NSA is the 6th largest owner and operator of self storage facilities among public and private companies in the USA

May 7, 2017:  Headquartered in Greenwood, Colo., National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, continues to expand its presence in Florida. 

According to the source, the company acquired a 44,000-square-foot storage property in Manatee County, Fla., last month through its affiliate NSA Property Holdings LLC. The $5.5 million purchase is on the southwest corner of State Road 64 and Lakewood Ranch Boulevard. The seller was Lakewood Ranch Express Storage LLC, an affiliate of Hide-Away Storage, which is an NSAT participating regional operator (PRO).

Hide-Away developed the self-storage facility after it acquired the 3-arce parcel two years ago from Pennsylvania-based Portal Crossing RT 64 LLC for $1.4 million, the source reported. Sarasota, Fla.-based Hide-Away Storage Services Inc. became NSAT’s seventh PRO a year ago. It contributed its 14 properties comprising about 1 million rentable square feet to the REIT’s self-storage portfolio for approximately $115 million.

In March, NSAT signed an agreement to add Florida-based Personal Mini Storage as the REIT’s eighth PRO. Personal Mini manages 40 facilities in mid-Florida comprising approximately 2.7 million rentable square feet.

In November 2016, NSAT purchased several Florida self-storage facilities, including Lakewood Storage in Bradenton, Florida, for $7.6 million from Michael E. Edwards, owner of Manatee River Groves Inc.