Self-Storage REIT Extra Space Buys 7-Property Portfolio From FCA Partners

Extra Space Storage Inc., a self-storage real estate investment trust, recently acquired a seven-property portfolio for nearly $57 million from FCA Partners, a real estate investment management firm. The properties are in North and South Carolina as well as Texas. They comprise approximately 5,000 units.

Extra Space managed the Carolina properties prior to the sale, according to “The SpareFoot Storage Beat,” a blog produced by self-storage online marketplace SpareFoot. Those facilities have been operating under the Extra Space brand name. The Texas property operated under the name Stow & Go Self Storage, SpareFoot reported. The properties are:  

• 4070 N. Central Expressway, Dallas
• 2910 Lawndale Drive, Greensboro, N.C.
• 4514 High Point Road, Greensboro, N.C.
• 733 10th Ave. S.E., Hickory, N.C.
• 550 Peters Creek Parkway, Winston-Salem, N.C.
• 2720 University Parkway, Winston-Salem, N.C.
• 3600 Wade Hampton Blvd., Taylors, S.C. 

FCA Managing Partner Al Lindemann told the source the self-storage market is “heating up.” "There's a lot of investor appetite for it, and there's very little that has been built over the last four years," he said.

Charlotte, N.C.-based FCA was launched last year by Lindemann and managing partner Ed Cherry. Formerly the capital-advisors division of Faison Enterprises, FCA invests in commercial real estate on behalf of pension-fund clients and has more than $1 billion in assets under management including office, retail and multi-family properties in the Southeast, the source reported.

Headquartered in Salt Lake City, Extra Space owns or operates 1,081 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 720,000 units and 80 million square feet of rentable space.