Public Storage has closed the first phase of its previously announced acquisition of the newly built, high-quality Beyond Self Storage portfolio.
In total, the portfolio comprises 36 properties (3.6 million net rentable square feet), which Public Storage has agreed to acquire for $528 million. The first phase includes 24 existing properties (2.3 million net rentable square feet) built since 2016, with an average occupancy of approximately 35 percent. The second phase includes 12 properties (1.3 million net rentable square feet) in various stages of development that the company will acquire upon completion in 2021.
“The addition of these high-quality assets enhances our strong and diversified portfolio, and we are committed to further building on our industry leadership through organic and external growth. Public Storage is uniquely positioned for further growth through acquisitions, development, redevelopment, and third-party management, and we will continue to execu
