The deal, which encompasses 1.1 million sf, was funded with a $50 million secured credit facility and borrowings under a $250 million unsecured revolving credit facility. U-Store-It owns more than 378 facilities in across the country.
The properties were sold by former U-Store-It chairman and CEO Robert Amsdell and Barry Amsdell, a former trustee with the company, and their firm Rising Tide. U-Store-It officials said in a press release that the sale resolves all litigation with Robert and Barry, as well as with Todd Amsdell and Kyle Amsdell, and Rising Tide. The sale also terminates its agreements with Rising Tide, in which U-Store-It managed the properties and allowed an acquisition option. The deal had been arranged when U-Store-It went public in October 2004, evolving from its previous company Acquiport/Amsdell. Christopher Marr, CFO for U-Store-It, did not return a call for comment.
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