The acquired portfolio includes over 1,140,000 rentable square feet of storage space located in Pennsylvania, Maryland, New Jersey, Kentucky, and Indiana. The acquisition represents a significant expansion of RPC's existing self-storage holdings, which are located in Oklahoma City, Denver and Colorado Springs, CO, Arlington, TX and Houston.
Bill Flaherty, president of Rosewood Property, said, "We have aggressively built our portfolio and intend to continue to grow it through acquisition and development."
Flaherty added that the company also recently announced a new $75 million program with Dallas-based Cornerstone to develop multi-story and drive-up self-storage facilities in infill locations in such markets as Dallas/Fort Worth, Austin, San Antonio, Houston, Denver and Kansas City.
RPC has tapped Extra Space Storage, a public REIT based in Salt Lake City, to manage the newly acquired properties. Extra Space currently manages RPC properties in Denver and Colorado Springs.
Debt financing was arranged through the team at Talonvest Capital, Inc. of Irvine, CA. The non-recourse acquisition loan, structured with 10 years of interest-only payments, a sub-3.9% fixed interest rate, and release provisions for individual properties, was funded by an undisclosed U.S. money center bank.
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