Public Storage agreed to acquire 30 self-storage facilities for $189 million, including debt assumption of up to $126 million.
Twenty-eight of the facilities (1.8 million square feet) are located in the Los Angeles area and the surrounding communities of Southern California. The deal would expand Public Storage's market presence in that area by approximately 20%.
The other two facilities (107,000 square feet) are located in the Chicago area. The properties averaged 80% occupancy as of Jan. 31, 2010.
"This acquisition represents a unique opportunity to acquire well located, urban infill properties throughout the Los Angeles basin. These facilities complement our existing portfolio and will further enhance our market presence throughout this key market," said David F. Doll, senior vice president for Public Storage.
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