New York State & Local Retirement Systems, Albany, with $76 billion in assets, committed $145 million to a joint venture with The Amsdell Cos. to acquire Amsdell's existing self-storage building portfolio and to buy and develop additional ones, said Cynthia Munk, a spokeswoman for the retirement system. Heitman Capital Management is New York State's adviser on the deal.
The venture is expected to result in a near doubling of the size of Amsdell's self-storage portfolio, which includes 44 properties in Ohio, Michigan, Connecticut, New Jersey and Florida, a Heitman spokeswoman said.
The self-storage buildings operate under the names of U-Store-It, American Self Storage and A-Space-Station.
