By Alex Hassel, Storage.com
LifeStorage bought the properties from Heitman, a real estate investment management firm based in Chicago, Ill., which owned the properties under the SecurCare Self Storage brand name. LifeStorage’s new facilities are:
- Dakota Ridge at 4545 Broadway St.
- Valmont at 5815 Arapahoe Ave.
- Boulder Valley at 6338 Arapahoe Ave.
- Gunbarrel at 6405 Odell Pl.
Combined, the storage properties total about 324,000 rentable square feet with more than 3,000 units. It’s a big move for LifeStorage, as these facilities make up about 45% of Boulder’s total storage space.
The facilities also feature climate-controlled units, drive-up access units, surface parking, secure fencing, electronic access control, video surveillance, and management offices.
JLL Capital Markets represented Heitman in the sale. JLL Managing Director Steve Mellon says the properties are prime pieces of real estate. “This four-property offering provided investors with a highly-compelling turnkey opportunity to acquire a stabilized self storage portfolio. The proximal locations, strong surrounding demographics, and quality of construction should result in a solid investment for LifeStorage.”
In June 2015, LifeStorage announced it had secured a $300 million Acquisition Facility & Term Loan from a consortium led by Citigroup Global Markets Inc. and BMO Capital Markets Corp. Together, with help from Raymond James Bank, LifeStorage said it would use the funds to acquire premier properties in the top 50 markets in the U.S. When LifeStorage looks at a property to buy, it considers location and convenience for customers, along with other features like security and lighting.
LifeStorage was founded in 2011. It currently operates in California, Nevada, Utah, Colorado, Texas, Wisconsin, Illinois, Mississippi, and Florida. Its heaviest concentration is in the Chicago, Ill., area.