Public Storage, a self-storage real estate investment trust, entered into an agreement to purchase 30 self-storage facilities for $189 million, subject to customary closing conditions, including debt assumption of up to $126 million.
All but two of the facilities are in Los Angeles and surrounding communities. The acquisition will expand Public Storage’s market presence in the communities by 20 percent. The other two facilities are in the Chicago area. The properties averaged just over 80 percent occupancy as of Jan. 31.
“This acquisition represents a unique opportunity to acquire well-located, urban-infill properties throughout the Los Angeles basin,” said David Doll, senior vice president. “These facilities complement our existing portfolio and will further enhance our market presence throughout this key market.”
The self-storage facilities will be rebranded Public Storage. The transaction is expected to close in stages during the next several months.