The portfolio for American Self Storage, with facilities in Indiana, Kentucky and Ohio, recently sold for $39.5 million to Extra Space Storage Inc., a self-storage real estate investment trust. The 15-property portfolio includes 8,910 storage units with 954,285 rentable square feet.
This sale is a testament to the strength of an industry which is attracting public and private capital to self-storage assets located outside of primary markets, said Marc Boorstein, Principal with MJ Partners Self Storage Group. The public investment market is on track for over $1 billion in self-storage transactions in 2011.
The properties will be rebranded Extra Space Storage. MJ Partners in conjunction with A.M. Macy Co. represented both parties in the transaction.
Headquartered in Salt Lake City, Extra Space owns or operates 820 self-storage properties in 34 states and Washington, D.C. The companys properties comprise approximately 550,000 units and more than 59 million square feet of rentable space.