Public Storage to Acquire 30 Properties

Glendale-based Public Storage has acquired 30 self-storage facilities for $189 million. Twenty-eight of the facilities (1.8 million square feet) are located in the Los Angeles area and surrounding communities of Southern California, and will expand the company’s market presence by approximately 20 percent. The other two facilities (107,000 square feet) are located 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 F. Doll, senior vice president for Public Storage. “We will immediately begin to rebrand them as Public Storage properties upon completion of the transaction.” The transaction is expected to close in stages during the next several months. The first closing of one property in Los Angeles occurred on April 1.