Update 10/23/17 – IPCC and Metro Storage have acquired 42 self-storage properties across five states since launching their strategic relationship last year. Collectively, the facilities comprise 19,601 storage units and 645 vehicle spaces. The transactions include 24 properties in Texas, eight in Tennessee, four each in Georgia and Kansas, and two in Alabama, according to a press release.
The assets have been syndicated to investors through five securitized 1031 offerings sponsored by IPCC. “The self-storage sector remains a desirable asset class for IPCC given where we are in the economic cycle, and we continue to believe the sector strikes a healthy balance of achieving long-term income and capital preservation,” Lampi said. “One of our core objectives in entering the self-storage arena was to provide our investor base access to another asset type that would complement the diverse menu of alternatives IPCC has consistently brought to market. In less than two years, we are thrilled with the success and scale we have achieved, and remain committed to building upon the platform’s success as we actively pursue new opportunities going forward.”
Each of the facilities acquired as part of the alliance is managed by Metro Storage. “This relationship is a natural fit that allows us each to do what we do best, acquire and operate high-quality properties and deliver best-in-class service through IPCC’s investment platform,” Nagel said.
1/19/16 – Real estate investment firm Inland Private Capital Corp. (IPCC) has launched a self-storage platform in partnership with Metro Storage LLC, which operates more than 100 self-storage properties in 12 states. The investment platform will focus on acquisitions, management and ownership nationwide, according to a press release.
“Strong operating fundamentals and low capital expenditures make the self-storage sector a desirable asset class for IPCC,” said Keith Lampi, president and chief operating officer of IPCC. “Given where we are in the current economic cycle, we believe the sector strikes a healthy balance of achieving stable long-term income and capital preservation. We are thrilled to enter the marketplace with an operating partner that shares a common corporate directive focused on creating and delivering value to investors.”
“Metro has a longstanding track record of providing self-storage investment opportunities to large institutional partners,” added Blair Nagel, CEO of Metro Storage. “Through our newly established relationship with IPCC, we are excited about the prospect of assisting IPCC in providing similar opportunities in the self-storage space through its investment platform.”
Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the acquisition, development and management of self-storage facilities nationwide. Its facilities comprise more than 6.7 million square feet of storage space. The company has more than $1 billion in assets under management.
Based in Oak Brook, Ill., IPCC offers replacement-property investments to those participating in a 1031 tax-deferred exchange as well as real estate opportunities to accredited investors. The firm is part of the Inland Real Estate Group of Cos. Inc., which is comprised of independent legal entities. IPCC has sponsored 182 private-placement programs, which include 451 properties comprising more than 26 million square feet of gross leasable space and more than 6,800 residential units. Together, their aggregate offering price is more than $5.3 billion, according to the release.
