X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CLEVELAND-U-Store-It has closed on its first post-IPO acquisition. The newly public self-storage REIT paid $184 million for the Metro Storage portfolio of 42 facilities totaling 2.6 million rentable sf.U-Store-It, which went public last week, utilized a portion of its proceeds from the IPO to fund the transaction. The agreement with Lake Bluff, IL-based Metro Storage LLC to acquire the portfolio preceded the IPO.The properties are located in five states: Illinois, Indiana, Florida, Ohio and Wisconsin. They were 83.6% occupied as of June 30. Due to the “quiet period” related to its IPO, the company declined additional comment.The acquisition takes U-Store-It owned and managed portfolio to 197 self-storage facilities in 21 states totaling 12.5 million rentable sf. According to the Self-Storage Almanac, U-Store-It Trust is the sixth largest owner and operator of self-storage facilities in the US. The company went public on Oct. 22, raising a less-then-expected $400 million. The 25 million shares issued were priced at $16 as opposed to its previously announced estimated range of between $17 and $19 per share. In afternoon trading Thursday, the company’s share price stood at $16.62.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.