Public Storage Inc., a self-storage real estate investment trust (REIT), has opened a new facility in Puyallup, Wash., a suburb of Seattle. The development is part of the company’s ongoing effort to keep up demand for space in the region, according to a press release.
The property at 16311 Meridian Ave. E. contains 1,200 climate-controlled and drive-up storage units. It’s near the Sunrise Village shopping mall and South Hill, a census-designated place in Pierce County. The facility will serve the growing suburb, which increased in population by 10 percent between 2010 and 2016, the release stated.
“We’re providing storage units to a community that is underserved,” said Bryan Miranda, vice president of West Coast development. “And we’re in the path of growth, so we’re expecting more homes and more tenants.”
The REIT just opened a new facility in Frisco, Texas. The two-story property offers more than 750 climate-controlled units. It’s near Farm to Market Road 423, the Dallas North Tollway expressway, and Lake Lewisville, a reservoir in North Texas.
Based in Glendale, Calif., Public Storage has interests in 2,392 self-storage facilities in 38 states, with approximately 159 million net rentable square feet. Operating under the Shurgard brand name, the company also has 223 facilities in seven European countries, with approximately 12 million net rentable square feet.
Source:
Business Wire, Public Storage Opens New Puyallup, Washington, Storage Facility
