Public Storage Inc., a self-storage real estate investment trust (REIT), opened a new facility this week in Denver, its 50th in the region. The property at 10298 E. 45th Ave. is in the Stapleton Business Center, part of Denver’s largest neighborhood. It’s just minutes from the center of downtown on land that used to be part of the city’s only airport, according to a press release.
Just off the Interstate 70 freeway, the facility will serve residents of the 3,500 homes and 480 apartments already occupied or under construction in the area, the release stated. It’s on 5 acres that were once part of a larger redevelopment effort after Stapleton International Airport closed in 1995. The property is also near the City of Aurora and other established Denver neighborhoods that include business parks and corporate warehouses.
Public Storage recently released its financial statement for the quarter that ended June 30, 2015. As part of the release, the company reported it acquired four self-storage facilities comprising 300,000 square feet for $39.9 million and a lease buyout for $15.6 million during the quarter. One of the assets is in California and three are in Texas. The REIT is under contract to acquire nine facilities (three in Colorado and six in Florida) for $97 million. It also completed two new developments and various expansion projects that added 200,000 net rentable square feet to its portfolio for $27.9 million.
Based in Glendale, Calif., Public Storage has interests in 2,262 self-storage facilities in 38 states, with approximately 147 million net rentable square feet. Operating under the Shurgard brand name, the company also has 216 facilities in seven European countries, with approximately 11 million net rentable square feet.