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Tuesday, Sep 26, 2023

Public Storage Buys Arizona Property

Public Storage Inc. has acquired a 702-unit property in Arizona for $7.2 million, according to an online trade publication. The Glendale storage giant bought the 76,125 square-foot property at 13360 W. Willow Ave. in Surprise, Arizona from Vault Storage LLC, according to Inside Self Storage. The publicly-traded real estate investment trust has interests in more than 2,000 self-storage facilities across the country. The 2.8-acre Arizona property features a roof-top solar-power system and a reclaimed-water system for irrigation use. Public Storage also acquired two one-acre lots adjacent to the property. Shares of Public Storage lost 46 cents, or less than 1 percent, to close on Monday at $150.25 on the New York Stock Exchange.

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