LAACO had been leasing the properties since May 2000, when the company inked an agreement with an option to buy the seven facilities and three additional sites for $52 million. With the recent acquisition, LAACO now owns all ten facilities, as the partnership had previously acquired the other three sites in a $10.5 million deal.
"These self-storage facilities have performed well during the period of time we have operated them under lease, and we are pleased we can now bring them into the Storage West portfolio," says Karen L. Hathaway, a managing partner of LAACO.
LAACO purchased the seven facilities with funds from a recent sale of the company's Topanga Canyon property. The partnership sold the 1,659-acre parcel to the American Land Conservancy for $43 million. The property was then acquired by the state, which will use the property as public parkland.
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