Extra Space Storage Inc., a self-storage real estate investment trust and management company, purchased nine facilities in Georgia and the Carolinas from Space Shop Self Storage for $137 million. The purchase was split into two sales, according to the source.
The first transaction comprised five locations and sold for $55 million. It included a 75,000-square-foot facility in Covington, Georgia; three properties totaling 175,000 square feet in Charleston, South Carolina; and a 75,000-square-foot facility in Cary, North Carolina.
The second transaction comprised four facilities comprising 300,250 square feet in Buckhead, Chamblee and Cumming, Georgia. The assets sold for a combined $82 million.
Headquartered in Salt Lake City, Extra Space owns or operates more than 2,000 self-storage properties in 41 states and Washington, D.C. The company’s properties comprise approximately 1.5 million units and 159 million square feet of rentable space.
Atlanta-based Space Shop is the operating brand for Stein Investment Group. The company owns more than 15 locations in Florida, Georgia, Michigan, Ohio, South Carolina and Virginia.
Source: REBusiness Online, Space Shop Sells Two Self-Storage Portfolios in Georgia, Carolinas for $137M