If you didn’t know how much money is funneling into the public storage market, you must be under a rock. The public storage aka self-storage industry continues to explode. And this story out of California shows this to be very true.
Glendale, California-based Public Storage has paid $1.5 billion to acquire a portfolio of 56 self-storage facilities from developer All Storage. The portfolio covers 7.5 million square feet with 52 of the 56 locations.
This includes high-growth markets of Dallas-Fort Worth in Texas, and several locations in Oklahoma City, Oklahoma, and Killeen, Texas. The new assets represent 60,000 new customers to the fold.
The acquisition is a direct reflection of how the team at Public Storage is committed to driving growth which includes acquisitions, development, redevelopment, and third-party management.
The transaction brings the publicly traded storage operator’s total footprint in the Dallas-Fort Worth area to 172 locations with 15.5 million square feet of rentable storage space.
In addition to this deal, they paid $1.8 billion to purchase 48 facilities in the ezStorage portfolio. A portfolio that had locations in Washington, D.C. submarkets, including in Virginia and Maryland.
If you are looking for a cost-effective self-storage or workplace option like the 27th Street Workspaces or the Plantation Business Center, look into a storage or workplace unit from Mindful Workspaces & Storage. They provide key solutions to many business issues such as extra office space. And remember that storage containers do not require much to set up and are a great temporary alternative for businesses that require storage. With locations all over the state of Florida, from Plantation to Sunrise, and West Palm Beach to Lake Worth, you have a storage company here for you right in your backyard.