Extra Space Storage Inc., a publicly traded self-storage real estate investment trust and third-party management firm, has purchased a two-property Hawaii Self Storage portfolio containing facilities in Hilo and Lihue, Hawaii. Combined, the properties comprise 84,507 square feet of storage space in more than 800 units. The Hilo facility at 425 Kalanianaole Ave. and the Lihue property at 1480 Haleukana St. feature drive-up units, electronic access and perimeter fencing, individually alarmed units, video cameras, and retail-oriented offices, according to a press release from JLL Capital Markets, the commercial real estate and finance firm that represented the seller in the transaction.
The seller was Hawaii-based Five Star Enterprises LLC, which does business as Hilo Power Self Storage, according to Bizapedia. It was represented by JLL Managing Directors Steve Mellon and Brian Samoza.
“The portfolio provided a rare opportunity to acquire two self-storage properties in Hawaii, unencumbered by debt or land leases. There is also significant upside through the expansion of the Lihue facility and other minor renovations,” Somoza stated in the release.
Headquartered in Salt Lake City, Extra Space owns or operates 1,421 self-storage properties in 38 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 955,000 units and 107 million square feet of rentable space.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. Last year, the firm completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists globally.
Sources:
- Bizapedia: Five Star Enterprises LLC
