California-based self-storage operator LifeStorage LP has purchased LottaStorage LLC in Collierville, Tenn., for $3.9 million. The Shelby County Assessor of Property appraised the property at $2.2 million in 2014, according to the source. The facility at 651 S. Rowlett St. encompasses 62,170 square feet of storage space.
LifeStorage acquired the property through an entity operating as SSTN 651, the source reported. The company also filed a $4.8 million loan with Citibank, according to an Oct. 6 deed of trust.
Earlier this month, LifeStorage secured a $120 million investment from TPG Real Estate, the real estate division of TPG, a global private-investment firm. The company plans to use the funds to support its acquisition strategy in the top 50 U.S. markets, company officials said in a press release. Additional terms of the transaction were not disclosed.
Since 2009, TPG Real Estate has invested more than $2.6 billion of equity in Europe and North America. Founded in 1992, parent company TPG has $66 billion in global assets under management. It makes public and private investments through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings.
LifeStorage changed brand ownership in 2011 and moved its headquarters from Chicago to Roseville, Calif. The company operates a self-storage portfolio of 78 properties in nine states, with a heavy concentration in the Chicagoland area.
Sources:
- Memphis Daily News: Collierville Storage Facility Sells for $3.9 Million
