**CalSTRS Partners with Nuveen for $166.6M Self-Storage Investment**
Nuveen, the investment management arm of TIAA, has announced the closing of a separately managed account for the California State Teachers’ Retirement System (CalSTRS), aimed at investing in self-storage assets across the United States. The initiative begins with an equity commitment of $150 million from CalSTRS, complemented by a 10% equity commitment from the TIAA General Account, totaling $16.6 million and bringing the overall allocation to $166.6 million.
The investment strategy will target the acquisition and development of self-storage facilities across a range of risk profiles in U.S. markets exhibiting strong demographic growth, low levels of supply, and limited presence of institutional investors. MyPlace Self-Storage, a vertically integrated self-storage company, will act as the new account’s dedicated operating partner and property manager.
“We are excited to start and scale this new venture with CalSTRS,” said Melissa Reagen, portfolio manager at 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, Alabama, near Birmingham._
