Acadia adds properties to its portfolilo
-
- April
- 7
Acadia Realty Trust of White Plains has added 11 Storage Post self-storage properties to its portfolio for a price of $170 million, the company announced.
The company bought the properties from a business controlled by Northwestern Mutual Life Insurance, said Joel Braun, Acadia’s chief investment officer. The group includes a Storage Post in New Rochelle, as well as properties elsewhere in the metro area.
A real estate investment trust, Acadia has focused on retail ownership and management. Self-storage properties aren’t a big share of Acadia’s assets; Braun said they make up just 3 percent, but there are some synergies between retail and self-storage, he said.
Self-storage takes up minimal parking, and both categories require visibility and access for consumers, Braun said.
“The storage business tends to do very well in times of dislocation,” he added.
This entry was posted
on Monday, April 7th, 2008 at 5:16 pm by Jerry Gleeson.
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