Nuveen real estate acquires 1.3 MSF self storage portfolio
Nuveen Real Estate has acquired a 90 percent interest in a 21 property, high quality self storage portfolio from Morningstar Storage.
Morningstar Storage will retain a 10 percent ownership in the assets. The portfolio comprises 11,130 units. It is 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. Among the cities where the storage units are situated are Atlanta, Ga; Tallahassee, Fla.; and Charlotte, N.C.
William Harrison, Nuveen Real Estate’s managing director of housing, said: “These 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. Nuveen 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.”
Source: CP Executive
Fulya Altunyay/ [email protected]