Extra Space Storage Buys Honolulu Property for $29M
- May 30, 2016
Honolulu–Extra Space Storage, a publicly traded self-storage REIT, has expanded its Hawaii holdings with the purchase of Diamond Head Self Storage in Honolulu. The company paid $29 million to acquire the 119,000-square-foot property at 633 Ahua St. near the airport, the “Pacific Business News” reported.
Extra Space now owns 12 self-storage facilities in Hawaii. Earlier in 2013, the company purchased two properties on Oahu, one located on Kalakaua Avenue in Honolulu and another on California Avenue in Wahiawa, for a total of $30 million. The REIT could be looking to expand further on East Oahu, having recently formed a new a new business called Extra Space Storage of Honolulu Keahole Street LLC in Hawaii Kai.
Headquartered in Salt Lake City, Extra Space owns or operates 1,371 self-storage properties in 37 states, Washington, D.C. and Puerto Rico. The company’s properties comprise approximately 910,000 units and 103 million square feet of rentable space.
Image courtesy of RIM Architects