Acadia Realty reported on Feb. 13, as part of its 2007 year-endfinancial disclosure, that it had entered into a contract inDecember in conjunction with its self-storage partner Storage Postto acquire 10 self-storage facilities. In January, Acadia went intocontract on the 11th self-storage property. The portfolioacquisition was made through its Fund III, a $500-million equityfund managed by Acadia Realty, which closed in the second quarterof last year.

All of the properties were and will continue to be leased andmanaged by Storage Post. The deal was brokered by Gerry Trainor,managing director of Transwestern's Institutional Commercial Groupbased in Washington, DC, and Steve Hryszko, national director of CBRichard Ellis' Self Storage Group based in Cleveland, who bothrepresented American Storage Properties in the transaction.According to Transwestern, the portfolio was 72% leased at the timeof sale and included six newly constructed facilities in thelease-up phase, one still under construction and four that areconverted warehouse properties.

"The sale consummated the value creation process undertaken byAmerican Storage Properties," says Andrew Czekaj, manager ofAmerican Storage Properties North LLC. "The portfolio was builtover a seven-year period and based on market valuations it wasprudent to sell the assets."