Colorado-based National Storage Affiliates Trust has formed a JV to acquire iStorage's 66-property portfolio for roughly $630M.

The REIT partnered with a large state pension fund managed by Heitman Capital Management to buy the properties, which amount to about 4.5M RSF or 36,000 storage units in 12 states. The JV expects the transaction will be complete by Q4, Commercial Property Executive reports. An NSA subsidiary is putting up $80M in cash for a 25% stake in the JV, while the pension fund is contributing $240M in cash for a 75% stake. To cover the remaining balance, the JV plans to borrow an accumulated $320M in secured and non-recourse financing.

“The culmination of iStorage reflects years of hard work and sacrifice from many people, and I am very excited to see the portfolio and management platform continue under the NSA umbrella,” iStorage founder Chris Miller said in a release. [CPE]