Florida SBA acquires self-storage portfolio for $630m
The $176.5 billion Florida State Board of Administration, in a joint venture with National Storage Affiliates Trust, has purchased 66 self-storage properties for $630 million.
The joint venture acquired the iStorage portfolio of properties using leverage of 50 percent. The venture structure allows for Florida SBA to own 75 percent of the investment, an equity commitment of approximately $248.5 million. National Storage Affiliates Trust will own the remaining 25 percent.
The diversified portfolio consists of 66 U.S. self-storage facilities across 12 states in areas such as Philadelphia metro, the Florida gulf coast, northern Alabama and California. However, the Florida markets have the most properties, with 21 properties making up more than 35 percent of the portfolio’s net operating income. The buildings in the portfolio are a mix between concrete block and metal construction with both single-story and multi-level facilities. The total portfoli