Extra Space Storage Inc., a self-storage real estate investment trust and third-party management firm, has purchased the AAAA Self Storage facility in Portsmouth, Va., which will be rebranded under the Extra Space name. Opened in 2009, the property was formerly managed by AAAA Self Storage Management Group and its parent company, The Nicholson Cos., which owns and operates 47 facilities in five states.
The property at 2206 Victory Blvd. comprises 56,805 net rentable square feet of storage space in more than 450 climate-controlled units. The four-story building was built by New Capital Builders Inc., an entity of The Nicholson Cos. that provides turnkey development and general-contracting services.
Stuart Wade, director of business development for The Nicholson Cos., represented Extra Space and the seller, a Tidewater, Va.-based investment partnership, in the transaction. Wade is also a broker with the Argus Self Storage Sales Network, a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
Headquartered in Salt Lake City, Extra Space owns or operates 1,088 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 725,000 units and 80.4 million square feet of rentable space.
Founded in 1962 by Tom Nicholson Jr., The Nicholson Cos. manages and owns facilities in Florida, Georgia, South Carolina, Virginia and West Virginia.