Biggest self-storage real estate acquisition of the year
The biggest self-storage deal of the year comes with a $430 million dollar price tag.
Public Storage has signed-off to buy all 44 of Stor-All’s existing facilities. It gives the world’s largest self-storage company even more space to call its own— adding roughly 26,300 units, to be precise.
That extra space from Stor-All is spread over five states, including: Georgia, Colorado, South Carolina, Virginia and Florida. It totals 2.7 million square feet.
The hefty price tag makes it Public Storage’s largest buy from a privately held storage company.
California-based Public Storage certainly has a huge presence already, with facilities in dozens of states. This latest purchase is among a handful of significant transactions this year.
The deal officially closed on December 12th — just ahead of the new year. Stor-All’s CEO Jeff Anderson said the company has new goals for 2014.
He points out Stor-All is committed to rebuilding a new self-storage portfolio with the help of his existing team. In a release, Anderson said: “Public Storage bought our properties, but they didn’t pay for our knowledge. We are keeping our core staff together and looking forward to building a new portfolio…”
It sounds like the Florida-based company picked a good time to sell. An industry source told the Storage Facilitator now is the time for independent operators to collect on business, because cap rates are low.
Historically speaking, the price of this self-storage deal is second only to a 560-million-dollar purchase in 2011. That’s when CubeSmart acquired facilities from Storage Deluxe.