Extra Space Storage Buys Honolulu Property for $29M

In a $29 million deal, the Utah-based REIT acquired the Diamond Head Self Storage facility in Honolulu.

HonoluluExtra 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.

Diamond Head Self Storage in Honolulu

Diamond Head Self Storage in Honolulu

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