Life Storage Inc. has completed the sale of 32 self storage properties. Inland Real Estate Acquisitions LLC, the purchasing entity for The Inland Real Estate Group of Companies, Inc., facilitated the purchase on behalf of an Inland affiliate.
The properties are located in Louisiana, Mississippi, Texas, South Carolina and North Carolina. Life Storage will continue to manage all the properties pursuant to the terms of a long-term management agreement.
“We are pleased to complete the sale of these mature properties and look forward to growing our management relationship with Inland as they continue to expand their self storage portfolio,” said Joe Saffire, Life Storage, Inc. Chief Executive Officer.
Mark Cosenza, Senior Vice President of Inland Real Estate Acquisitions, LLC, noted: “We are thrilled to form this strategic alliance with one of the largest publicly traded REITs in the self-storage industry. With almost 35 years of in-place acquisitions and property management expertise, Life Storage will allow Inland to deliver best-in-class service through the ownership and operation of self-storage properties.”
Life Storage Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. Located in Buffalo, New York, the Company operates more than 775 storage facilities in 28 states and Ontario, Canada.
In other company news, the firm recently revealed that Joseph V. Saffire had been appointed the company’s Chief Executive Officer. The appointment went into effect on March 1, 2019. He replaced David Rogers, who retired after serving in that capacity since 2012.