SALT LAKE CITY — Extra Space Storage has acquired SmartStop Self Storage for $1.4 billion. Extra Space will acquire 121 SmartStop stores and will assume the property management for its 43 third-party managed stores once the transaction is complete.
SmartStop is based in the Orange County submarket of Ladera Ranch, Calif. It currently operates 169 self-storage properties in 21 states and in Canada. SmartStop is the seventh-largest owner and operator of self-storage facilities in the U.S.
Certain SmartStop assets will be sold for about $120 million at or prior to the closing of this transaction. This includes one store in California, beneficial interests in two Alabama stores and five stores in Toronto. The stores in Alabama and California will be managed by Extra Space following the disposition.
Salt Lake City-based Extra Space Storage is a self-administered and self-managed REIT. The company owns and/or operates 1,100 self-storage properties in 35 states, Washington, D.C., and Puerto Rico.