Salt Lake City-based Extra Space Storage Inc. (NYSE:
EXR) announced that it has completed its acquisition of the remaining interest in a joint venture formed with Prudential Real Estate Investors (PREI) that owns 36 self-storage properties in 18 states.
Under the agreement previously announced on April 13, Extra Space Storage acquired the remaining 94.9% interest in ESS PRISA III LLC, a joint venture formed with PREI in 2005 with 36 assets operated under the Extra Space Storage brand. EXR acquired PREI’s interest for about $300 million, excluding closing costs, consisting of about $162 million of cash and the assumption of an existing $145 million loan, of which $138 million relates to the interest acquired from PREI.
The loan, which matures in August 2012, will be paid using existing cash and proceeds from new loans that are expected to close in the next 30 days. The JV properties comprise about 2.5 million square feet of net
rentable space in about 23,400 units and currently serve a customer base of 20,000 tenants. As of March 31, about 87.8% of the total square feet available for lease at the properties was occupied.
The transaction involves the following properties:
| Extra Space Storage/PREI JV |
| Property | Address | City | State |
| Birmingham/Grace Baker Rd | 115 Grace Baker Road | Birmingham | AL |
| Mesa/N Alma School Rd | 112 N Alma School Road | Mesa | AZ |
| Moreno Valley/Box Spring | 21201 Box Springs Road |
Moreno Valley | CA |
| Hawaiian Gardens/S Norwalk | 21123 South Norwalk Blvd | Hawaiian Gardens | CA |
| Hollywood/N Vine St | 1860 North Vine Street | Hollywood | CA |
| Los Angeles/Fountain Ave | 4728 Fountain Avenue | Los Angeles | CA |
| Santa Cruz/Soquel Ave | 2900 Soquel Avenue | Santa Cruz | CA |
| Brookfield/Brookfield-Fed | 578 Federal Road | Brookfield | CT |
| Miami/NW 2nd | 20240 NW 2nd Avenue | Miami | FL |
| Miami/Coral Way | 9848 Coral Way | Miami | FL |
| Skokie/N. McCormick | 7540 N McCormick | Skokie | IL |
| Tyngsboro/Industrial Way | 3 Industrial Way | Tyngsboro | MA |
| Framingham/Concord St | 1590 Concord Street | Framingham | MA |
| Gambrills/Rte 3 | 789 Route 3 | North Ganbrills | MD |
| Towson/Joppa | 203 Joppa Road | Towson | MD |
| Belleville/Old Rawsonville | 1900 Old Rawsonville Road | Belleville |
MI |
| Harrison/Harrison Ave | 412 Harrison Ave | Harrison | NJ |
| Mt. Laurel/Ark Road | 103 Ark Road | Mt. Laurel | NJ |
| Santa Fe/875 W San Mateo | 875 San Mateo Road | Santa Fe | NM |
| Kingston/Sawkill Rd | 119 Sawkill Road | Kingston | NY |
| Amsterdam/Route 5 So | Route 5 South | Amsterdam | NY |
| Ridge/Middle Country Rd | 14 Francis Mooney Road | Long Island | NY |
| Hicksville/S Broadway | 789 South Broadway | Long Island | NY |
| Hauppage/Old Willets Path | 730 Old Willets Path | Hauppauge | NY |
| Brooklyn/64th St | 201 64th Street | Brooklyn | NY |
| Willoughby/Reading Ave | 36155 Reading Avenue | Willoughby | OH |
| Mentor/Mentor Ave | 7679 Mentor Avenue | Mentor | OH |
| Aloha/SW 229th Ave | 2909 SW 229th Avenue | Aloha | OR |
Memphis/Raleigh-LaGrange | 4994 Raleigh-LaGrange | Memphis | TN | | Bartlett/Germantown Rd N | 3175 Germantown Road North | North Bartlett | TN |
| Memphis/Covington Way | 4961 Covington Way | Memphis | TN |
| Spring/I45N | 25690 I-45 | North Spring | TX |
| Dallas/19211 Preston Road | 19211 Preston Road | Dallas | TX |
| Fredericksburg/Plank | 2403 Plank Road | Fredericksburg | VA |
Alexandria/N Henry St | 1022 North Henry Street | Alexandria | VA | Vancouver/NE 78th | 8016 NE 78th Street | Vancouver | WA | | Source: CoStar Group Information |