Public Storage has closed on the acquisition of ezStorage, one of the self-storage operators in the United States, for $1.8 billion.
The transaction adds 48 properties (4.2 million net rentable square feet) located in submarkets with strong demand and high barriers for new property development across Washington DC, Virginia, and Maryland.
”In combination with Public Storage’s existing market presence, the company’s Mid-Atlantic portfolio is unmatched in coverage and quality with 163 properties and 11.3 million net rentable square feet,” said Public Storage in a statement.
“We are pleased to acquire such an irreplaceable portfolio and, once again, thank the Manganaro family and the entire ezStorage team for their partnership through this process,” said Joe Russell, Public Storage Chief Executive Officer.
“I am also very proud of the Public Storage team’s execution of our opportunistic growth strategy. Since the start of 2019, we have expanded our portfolio by 22 million net rentable square feet, or 13%, through $4.3 billion of acquisitions, development, and redevelopment. We continue to see broad opportunity for growth across the property acquisition and development spectrum,” he added.