OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Private Capital Corporation ("IPC") and Metro Storage LLC ("Metro") are pleased to announce that since February of 2016, the companies, through their strategic relationship, have facilitated the purchase of 42 self-storage properties, across five states, for programs sponsored by IPC. 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 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 Blair Nagel, Chief Executive Officer of Metro Storage LLC. “This relationship is a natural fit that allows us each to do what we do best – acquire and operate high quality properties and deliver best-in-class service through IPC’s investment platform.”
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.”
About Inland Private Capital Corporation
Inland Private Capital Corporation, based in Oak Brook, Ill., offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. 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. As of June 30, 2017, IPC had sponsored 206 private placement programs. The 206 private placement programs include 550 properties, comprised of over 34.91 million square feet of gross leasable area, and including 10,300 residential units, for an aggregate offering price of more than $6.79 billion.
About Metro Storage LLC
Metro Storage LLC 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 USA, Brazil and Central America. Metro built its first self-storage facility in 1973 and currently has over $1 billion of assets under management. Today, Metro has positioned itself as one of the nation’s premier self-storage operators under the trademark Metro Self Storage® and is now the 3rd largest private self-storage company in the country and the 10th largest among private and public self-storage companies.
