The Sure Save acquisition strengthens the company's presence in the Southern California market. U-Store-It president Steven Osgood declined to provide additional information on the portfolio, such as age and occupancy.
The purchase price was funded with approximately $134.5 million of proceeds from U-Store-It Trust's secondary offering completed on Oct. 7, 2005, and $30 million of proceeds from a bridge loan facility with Wachovia Bank. The sellers were Crown Ridge Storage Portfolio LLC and Williams Storage Portfolio III LLC.
The acquisition brings to 31 the number of properties U-Store-It has acquired since the start of the year. The seven properties in that total not acquired in the aforementioned transaction were acquired for $35.5 million and are located in Tennessee, Texas and Colorado.
U-Store-It now owns 370 facilities in 27 states totaling 22.6 million sf (rentable). The rapid acquisitions pace continues a trend from the fourth quarter. During the quarter, U-Store-It acquired 19 self-storage facilities in Texas, Florida, California, Tennessee and Virginia, totaling approximately 1.3 million sf (rentable), for $115.3 million.
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