Local Company Sells Self-Storage Portfolio for $195.1 MillionFriday, September 13, 2013
Solana Beach-based All Aboard Mini Storage has sold a 19-building portfolio of self-storage buildings to Extra Space Storage Inc. of Salt Lake City, in a deal valued at approximately $195.1 million, according to CoStar Group and public data.
The properties are located throughout California, including a building at 3808 Cedar St. in San Diego. The 131,000-square-foot storage facility was built in 1982 and sold for an allocated price of approximately $14 million.
The deal was primarily a stock transaction, in which the buyer will issue shares in exchange for partnership units. The buyer plans to renovate the acquired buildings.
In its own statement, Extra Space Storage said its acquisition of one additional property in the All Aboard portfolio is expected to occur by the end of the year, for approximately $11 million. The 20 properties have a total of 14,800 storage units.
Extra Space Storage (NYSE: EXR) is the nation’s largest self-storage management company. It owns and operates 974 self-storage properties in the U.S. and Puerto Rico.
SDBJ Staff Report