INVESTMENT BACKGROUND
| Acquisition Date | January 2004 |
| Property Type | Self-Storage |
| Size | 108,000 SF |
| Business Plan | Conversion of underutilized industrial building into institutional-quality self-storage facility |
150 McClellan Highway
Investment rationale
- High-traffic, highly visible location on Route 1A with excellent accessibility in dense East Boston market
- Under-supplied self-storage market
- All-in cost basis of $120/SF
- Upon construction completion, Extra Space (NYSE: EXR) took over facility management on our behalf
status
- Facility opened in early 2005
- Substantial ancillary income generated with execution of long-term leases to telecom and cell tower companies
- Property sold in 2014 to publicly traded REIT for approximately $215/SF
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