Extra Space Storage Inc. has closed its previously announced joint venture with an affiliate of Harrison Street Real Estate Capital LLC. HSRE contributed approximately $15.8 million in cash in return for a 50 percent ownership interest. Extra Space contributed 19 wholly owned properties, and received approximately $15.8 million in cash and a 50 percent ownership interest.
The joint venture assumed approximately $101.0 million of debt, secured by the properties in California, Florida, Nevada, Ohio, Pennsylvania, Tennessee, Texas and Virginia. Extra Space will continue to operate the facilities.
Headquartered in Salt Lake City, Extra Space is real estate investment trust that owns or operates 766 self-storage properties in 33 states and Washington, D.C. The company's properties comprise approximately 510,000 units and more than 55 million square feet of rentable space.
As of this month, HSRE has acquired or is in the process of developing more than 60,415 self-storage units.