Public Storage Inc., a self-storage real estate investment trust (REIT), recently purchased a six-facility portfolio from Babcock & Brown, an Australian global investment and advisory firm. The six self-storage facilities, which consist of 517,000 total rentable square feet and 5,500 units, were formerly branded and managed by fellow REIT Extra Space Storage Inc., and have been developed within the past three years. Their locations are Hialeah, Fla.; Montclair, Calif. (pictured); Philadelphia; Pompano Beach, Fla.; Randolph, Mass.; and Wayne, N.J.
Marc Boorstein, co-founder and principal of MJ Partners Self Storage Group, a real estate firm that helped broker the sale, said the previous ownership group also included lenders Bank of America, BMO Harris, Emigrant Realty and PNC Bank, though Babcock & Brown was the most recent owner. Boorstein and Jeff Jacobsen, also with MJ Partners, represented the sellers in the all-cash transaction.
Based in Glendale, Calif., Public Storage has interests in more than 2,056 self-storage facilities in at least 38 U.S. states with approximately 131 million net rentable square feet. Operating under the Shurgard brand name, the company also has 189 facilities in seven European countries with approximately 10 million net rentable square feet.
Headquartered in Salt Lake City, Extra Space owns operates more than 882 self-storage facilities in 34 U.S. states and Washington, D.C. The company's properties comprise approximately 585,000 units and approximately 64 million square feet of rentable storage space.