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Self-Storage REIT National Storage Affiliates Trust Buys Xpress Storage in Parrish, FL
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National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has acquired Xpress Storage in Parrish, Fla., for $4.2 million. The 39,240-square-foot facility was built three years ago and was owned by Sarasota, Fla.-based Hide-Away Storage Services Inc., according to the source. Hide-Away signed an agreement in February to become NSAT's seventh participating regional operator.
Under terms of the regional-operator agreement, Hide-Away is contributing 14 of its 16 properties to the REIT's portfolio. The Xpress transaction appears to be for one of the two remaining Hide-Away assets. The operator had indicated it would continue to acquire and develop self-storage assets in the region to add to the NSAT pipeline, according to a previous press release.
Hide-Away was founded in 1977 by Stephen A. Wilson, who has served as its president for more than 35 years. The company operates 16 self-storage properties in Florida under the Hide-Away Storage and Xpress Storage brands.
Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has 307 self-storage facilities in 18 states comprising approximately 18 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.
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