- Nuveen Real Estate secures $166.6 million for self-storage investments from CalSTRS and TIAA.
- Nuveen manages $2.7 billion in self-storage assets across 170+ facilities nationwide.
- MyPlace Self-Storage partners as dedicated operating manager, leveraging $7 billion transaction history.
Nuveen Real Estate has secured a substantial capital allocation of $166.6 million aimed at investing in self-storage assets across the United States. This includes a $150 million investment from the California State Teachers' Retirement System (CalSTRS) and a $16.6 million contribution from the TIAA General Account. The strategic aim is to acquire and develop self-storage assets in high-demand U.S. markets characterized by robust demographic growth and limited institutional ownership.
MyPlace Self-Storage, under the leadership of industry veteran Kurt O'Brien, will serve as the dedicated operating partner for this venture. The company, which began its partnership with Nuveen in 2022, has already acquired over $300 million in assets across more than a dozen states.
Nuveen Real Estate, a major player in the real estate sector with $141 billion in assets under management, including $2.7 billion in self-storage assets, is committed to expanding its footprint in the self-storage sector through this strategic partnership. This initiative seeks to capitalize on the consistent demand for self-storage solutions driven by life cycle events, ensuring attractive risk-adjusted returns for investors like CalSTRS.
