Self-storage real estate investment trust Extra Space Storage Inc. has completed the purchase of two Hawaii self-storage facilities, one at 1414 Kalakaua St. in Honolulu and the other at 620 California Ave. in Wahiawa. The properties were purchased for almost $30 million in an all-cash sale from Orange County, Calif.-based Jupiter Holdings LLC.
The transaction was brokered by Hugh Horne and Steve Keil of commercial real estate services and investment firm CBRE Group Inc. Horne is a senior associate and a member of the company's Self Storage Advisory Group. Keil works in the firm's Honolulu office.
Extra Space Storage had targeted the Hawaii market, and particularly Honolulu, as a market where they needed to grow. We were very pleased to help them accomplish a larger footprint by acquiring one of the premiere storage facilities in the state, said Horne. There had been quite a bit of development several years ago, which softened the rental market in Hawaii. However, the market has turned a corner and is poised to experience favorable operations moving forward. The rental rates in Honolulu are some of the most dynamic in the country, comparable to West Los Angeles or Manhattan.
Headquartered in Salt Lake City, Extra Space owns or operates 965 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The companys properties comprise approximately 640,000 units and 70 million square feet of rentable space.
CBRE is a Fortune 500 and S&P 500 company headquartered in Los Angeles. The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices worldwide.