Extra Space Storage Enters Minnesota Self-Storage Market

Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, has opened its first Minnesota facility in St. Louis Park. The property at 5051 Highway 7 was developed and is owned by Buhl Investors, a real estate investment-management firm. It will branded as Extra Space Storage and managed by the REIT.

Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, has opened its first Minnesota facility in St. Louis Park. The property at 5051 Highway 7 was developed and is owned by Buhl Investors, a real estate investment-management firm. It will branded as Extra Space Storage and managed by the REIT.

The facility comprises 110,000 square feet of storage space. Near the intersection of Highway 100, it offers climate control, an indoor loading dock, onsite management and 53 covered parking spaces.

The partnership plans to open three more Extra Space facilities in the Twin Cities by the first quarter of 2017, according to the source. The sites have yet to be determined.

Headquartered in Salt Lake City, Extra Space owns or operates 1,347 self-storage properties in 36 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 900,000 units and 101 million square feet of rentable space.

Based in Minneapolis, Buhl was founded last year by company principal Peter Deanovic, a former investment manager for CarVal Investors. Buhl is also developing a Home2 Suites by Hilton in Minnetonka, Minn., and the Gateway Business Park in Eagan, Minn.

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