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Midwest-Based Storage Express Acquired for $590M
Extra Space Storage, headquartered in Salt Lake City, has acquired Storage Express, which owns 107 remote storage properties across Indiana, Ohio, Illinois and Kentucky. The acquisition includes 14 future development sites The purchase price was approximately $590 million, funded in part by the issuance of $125 million in operating partnership units.
“We are excited about the merger of these two great companies and the expansion of our national portfolio and operating platform,” said Joe Margolis, CEO of Extra Space Storage. “In addition to increased scale, this acquisition provides a new growth channel for Extra Space Storage to add smaller, remote-managed stores in both new and existing markets through acquisition and third-party management.”
The Extra Space Storage board has appointed Storage Express founder Jefferson Shreve to the board, effective immediately. Shreve currently serves as the chairman of the Self-Storage Association board of directors.
- ◦Sale/Acquisition

