Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CLEVELAND-U-Store-It Trust has purchased 14 self-storage properties in five states for $121 million as part of a dispute with the Amsdell family. The properties are in California, Florida, Georgia, Ohio and Massachusetts.

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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.