The properties were bought using Harrison Street Real Estate Partners II LP, a fund that has a gross buying power of about $2 billion. With the acquisition, the fund will have purchased or commenced development on more than $700 million of real estate in 2008, consisting of more than 60 properties, says Chris Merrill, a principal with Harrison. "These outside asset classes do well in tough times, such as medical, student housing, education and self-storage, that's what we've concentrated on. This discipline allows us to get loans, lenders like that our properties are doing well now," he tells GlobeSt.com.

With the transaction, Harrison's self-storage portfolio now consists of more than 41,200 units in 65 properties across 17 states, valued at more than $600 million. The new properties, Merrill says, are in good locations with good replacement to asset cost. For example, one of the Chicago properties is adjacent to McCormick Place convention center, and others are in New Smyrna Beach, FL and Henderson, NV.

"All have been built over the past five years," he says. "Some are at 80%, some are at 50%, with a portfolio average of about 60%. We've got some upsides." The sites will now be rebranded with Harrison's self-storage companies, either Morningstar Properties, which is popular in the Carolinas, or United Storage, which are in the Midwest or East Coast.