Public Storage Acquires ezStorage Self-Storage Portfolio for $1.8B
Owner, acquirer, developer and operator of self-storage properties Public Storage has acquired the ezStorage self-storage portfolio for $1.8 billion.
The portfolio includes 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. With the acquisition, the firm’s Mid-Atlantic portfolio now includes 163 properties and 11.3 million net rentable square feet.
“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, CEO at Public Storage. “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.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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