Inland Private Capital, Metro Storage build on partnership
Oak Brook-based Inland Private Capital Corp. and Metro Storage LLC said that since February of 2016, the companies, through their strategic relationship, have facilitated the purchase of 42 self-storage properties, across five states.
The 42 properties have been syndicated to investors through five securitized 1031 offerings sponsored by IPC, each of which has been fully subscribed by investors. Metro Storage, based in Lake Forest, manages each of the properties.
"Metro has an established national management footprint in self-storage real estate and IPC is a leader in securitized 1031 real estate exchange transactions," said Metro Storage CEO Blair Nagel.
The 42 self-storage properties acquired are located in Alabama (2), Georgia (4), Kansas (4), Tennessee (8) and Texas (24), and include a total of 19,601 storage units and 645 total rentable parking spaces. Each of the properties has an established operating history, and the properties include a variety of features, including both climate controlled and non-climate controlled storage units.
"The self-storage sector remains a desirable asset class for IPC 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," said Keith Lampi, president and chief operating officer of IPC. "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 IPC 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."
Inland Private Capital Corporation is a part of the Inland Real Estate Group of Companies Inc., which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries.
Metro Storage is a privately owned, fully integrated, international self-storage operating company specializing in the development, construction, acquisition and management of self-storage facilities in the U.S., Brazil and Central America. Metro built its first self-storage facility in 1973 and currently has more than $1 billion of assets under management.