Morrison Foerster advised MyPlace, a vertically-integrated self-storage platform, and its founder Kurt O’Brien in connection with its investment from Nuveen Real Estate, one of the largest real estate investment managers in the world with more than $154 billion of assets under management.
MyPlace will operate nationally but will primarily focus on secondary markets across the Midwest, Sunbelt, and Mountain West with strong demographic trends and limited self-storage supply. With a focus on technology, MyPlace will leverage its expertise to automate many of its facilities and streamline operations. MyPlace and Nuveen began acquiring assets together in 2022 and have approximately $300 million of assets under management across both value-add and core-plus strategies. The partnership aims to strategically grow its AUM to approximately $1 billion over the next two years.
Kurt O’Brien, the founder of MyPlace who is regarded as having helped institutionalized the storage industry, has twice built two of the largest private self-storage platforms in the United States. Notably, O’Brien’s last self-storage company, Simply Self Storage, was once the largest private self-storage operator before it was sold for a combined valuation of approximately $2.5 billion.
The MoFo deal team advising on the transaction was led by New York corporate partner Larry Medvinsky and real estate of counsel Tushna Gamadia.
Read more in Nuveen’s press release.