Day: April 4, 2023

Extra Space Storage & Life Storage Combine to Form the Pre-eminent Storage Operator

The transaction brings together two industry-leading platforms, and the combined company is expected to have a pro forma equity market capitalization of approximately $36 billion and a total enterprise value of approximately $47 billion.” Extra Space Storage Inc. (NYSE: EXR) (“Extra Space”) and Life Storage, Inc. (NYSE: LSI) (“Life Storage”) announced today that the two companies have entered into a definitive merger agreement by which Extra Space will acquire Life Storage in an all-stock transaction. The transaction brings together two industry-leading platforms, and the combined company is expected to have…

InSite to Build Five-Story Self Storage Facility in Glendale

InSite bought the property for $6.6 million in January. It was sold along with an adjacent lot at 111 Concord Street.” Torrance-based firm InSite plans to convert a Glendale industrial site into a five-story self-storage facility. The property, located at 127 Concord Street, currently contains a 22,000-square-foot structure leased to printing company Chromatic. InSite, which specializes in self-storage projects, is looking to replace the existing building with a five-story, 112,200-square-foot facility, according to documents filed with Glendale’s planning department. Plans for the site also include two levels for a subterranean…

Major Self Storage Expansion in Upper East Side, New York City

Manhattan Mini Storage Announces Expansion Plans to Add 65,000 Square Feet of Self-Storage in Upper East Side.” Manhattan Mini Storage is expanding its reach on the Upper East Side with plans to repurpose the former CMX Cinema into self-storage. The 6-level conversion will add 65,000 net rentable square feet of storage and 1,200 climate-controlled units to the area by 2024. Manhattan Mini Storage has taken a strong stance on green building practices and sustainable construction solutions with this project. Weyen Burnam, Global Director of Real Estate said, “Upcycling unused or…

StorageVault to Acquire Three Locations for $21.8 Million

Storagevault Canada Inc. (“StorageVault”) (SVI-TSX) has agreed to acquire three locations from three vendor groups (collectively, the “Vendors”) for an aggregate purchase price of $21,825,000, subject to customary adjustments (the “Acquisitions”). Two of the Acquisitions are arm’s length and one for $13,000,000 is a related party acquisition (the “Related Party Acquisition”) with Access Self Storage Inc. (“Access”) as the Vendor for that Acquisition. It is anticipated that the Acquisitions will close in Q1 and Q2 2023. Two of the assets are located in Nova Scotia and the other in Alberta.…

Recent Transactions: 03.28.2023 – 04.03.2023

Property: Budget Self Storage Location: Laredo, TX Broker and Brokerage: Jon Danklefs of Marcus & Millichap Acreage: 1.60 acres Unit Count: 199 units Property: Turbo Storage Location: Shelbyville, TN Brokers and Brokerage: John C. Lindsey and Matt Rosendale of Lindsey Self Storage Group NRSF: 9,300 Portfolio: Canoga Avenue Property Locations: Woodland Hills and Diamond Bar, CA Closing Price: $69.6 Million & $17 Million Buyer: William Warren Group Seller: Storage, Etc. Broker and Brokerage: Larissa Belova of CBRE Square Feet: 107,000 & 18,000 Unit Count: 199 units Property: Public Storage Location:…