National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has acquired a five-property portfolio in New Hampshire from multiple entities operating under the Granite Clover Self Storage brand. The $28.8 million portfolio comprises 235,000 rentable square feet in approximately 1,900 units, according to a press release from NAI Norwood Group, the real estate brokerage that represented the seller in the transaction.
The transaction is the “largest all-New Hampshire self-storage portfolio sold in Southern New Hampshire in the last 20 years,” the release stated. The properties are in Amherst, Derry, Londonderry, Nashua and Pembroke, N.H.
The seller was represented by Joseph Mendola, senior vice president of Bedford, N.H.-based NAI Norwood and an affiliate of the Argus Self Storage Sales Network. Mendola also assisted NSAT, according to the release. He previously assisted the same seller in a 2009 deal involving the sale of self-storage properties to Optivest Properties Inc., which is a participating regional operator of NSAT.
NAI Norwood is an affiliate of NAI Global, a managed network of independently owned commercial real estate brokerage firms. The company assists corporations with negotiating leases, sales, business brokerage, investments, relocation, site selection and development.
Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
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 292 self-storage facilities in 17 states comprising approximately 17 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.
