National Storage Affiliates (NSA) Trust has completed the acquisition of the iStorage portfolio, including its captive insurance company, in a joint venture with a state pension fund.
The transaction also included the purchase of a property management company and the iStorage brand, for a total of approximately $630 million.
In light of the transaction, Steven Treadwell, senior vice president of operations for NSA, has been appointed as president of NSA’s iStorage management division, the National Storage Affiliates Trust Management Company.
In his new role, Treadwell will lead a team of approximately 150 associates and assist with the integration of iStorage operations with NSA's practices.
Arlen Nordhagen, CEO of NSA, commented: “The iStorage acquisition is an ideal fit with NSA’s business structure, and the strategic decision to acquire the iStorage management platform strengthens our industry footprint as we continue to expand our market presence.”
“The appointment of Steve Treadwell as president of the iStorage management division is a clear-cut fit for NSA.”
