October 8, 2013 9:58 PM
One of the largest portfolio sales in recent self storage industry history was just finalized. Morningstar Properties sold 43 of their facilities for $315 million to Public Storage. The sale included over 2.9 million square feet in properties in North Carolina, South Carolina, Texas, Virginia, and Georgia. This sale is the largest portfolio sale in recent industry history and has the highest valuation for storage outside of New York City. That’s quite an accomplishment. [More]
January 28, 2010 1:10 PM
Extra Space Storage announced yesterday that it has closed a joint venture with a Harrison Street Real Estate Capital (HSRE) affiliate. HSRE and Extra Space each received a 50 percent interest in the joint venture, to which HSRE had contributed about $15.8 million in cash, while Extra Space contributed 19 wholly-owned properties in California, Florida, Nevada, Ohio, Pennsylvania, Tennessee, Texas, and Virginia. The properties secured about $101 million in debt, which was assumed by the joint venture. Extra Space will continue to operate the 19 properties.
"There's a couple of reasons behind it: to generate a little bit of cash, to offload a little bit of debt into the joint venture," Extra Space's vice president of marketing and corporate communication, James Overturf, explained to the Salt Lake Tribune today. "It de-leverages us a little bit....But more than anything, it establishes a relationship with a really good joint venture partner." [More]