CalSTRS Taps Nuveen for Self-Storage Investment

Nuveen, the investment manager of TIAA, announced the closing of a separately managed account for the California State Teachers’ Retirement System (CalSTRS) to invest in self-storage assets across the U.S. It includes an initial equity commitment of $150 million from CalSTRS, alongside a 10% equity commitment of $16.6 million from the TIAA General Account for a total allocation of $166.6 million. 

The strategy will focus on acquiring and developing self-storage assets across the risk spectrum in U.S. markets characterized by strong demographic trends, low supply forecasts and limited institutional ownership. MyPlace Self-Storage, a vertically integrated self-storage company. will serve as the dedicated operating partner and property manager for the account.

“We are excited to start and scale this new venture with CalSTRS,” said Melissa Reagen, portfolio manager, Nuveen Real Estate. “Self-storage has proven to be a resilient asset class with strong fundamentals. Typically driven by life cycle events—such as getting married, moving homes and having children—demand is consistent through economic cycles. With our strategic focus on undersupplied markets, our collaboration with CalSTRS and MyPlace is well-positioned to deliver strong performance while expanding our footprint in this space.”

Pictured: A MyPlace self-storage facility in Fairfield, AL, near Birmingham.

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