Scottsdale, AZ, August 13, 2008 --(PR.com
)-- Onyx Trust, Inc. a self-storage real estate investment trust (REIT), today announced they have entered into agreement to purchase eleven self-storage facilities by Onyx Trust and Gohres-Heritage LLC (the Venture), a recently announced joint venture. The Venture, formed with an affiliate of Gohres-Heritage out of Las Vegas, NV, expects to acquire up to $1.2 billion of high quality self-storage properties and grow to own 200 facilities in the Western US in the next 36 months. $78 million will be expended on this portfolio. The seller in the transaction is 365 Self Storage, LLC.
The eleven facilities encompass a little over a million square feet of net rentable storage space. The stores are located in high-growth markets in Arizona, Colorado, Nevada and California. On behalf of the Venture, Onyx Trust will manage the stores and re-brand all locations under its trade name of Sure Storage®.
“We are thrilled to launch our joint venture program with the announcement of this upcoming acquisition of such an amazing group of properties. These assets meet our acquisition criteria of buying Class-A facilities in high-growth markets, and we look forward to bringing them into the Sure Storage® family,” said Michael Roberts, CEO of Onyx Trust.
Gohres-Heritage’s CEO/CFO Jesus Delgado-Jenkins will serve as the CFO for the Venture. Prior to joining the Venture, Mr. Delgado-Jenkins served as U.S. Treasury’s Acting Assistant Secretary for Management (CFO and Deputy COO). He was responsible Treasury’s internal Operations and their Audit, over $2 Trillion in Revenues from 500 Million accounts, $16 Billion in Operations, and close to $8 Trillion in debt. He brings his wealth of financial expertise 6and contacts to the Venture.
Onyx Trust REIT, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. The Company operates self-storage facilities in the Western U.S. under the name "Sure Storage"®.
For more information, please contact Scott Stearns, COO or Duke Fonner, VP Business Development at 480-306-5875.