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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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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