A Salt Lake City storage unit giant has wrapped up the first pieces of a $200 million Richmond area acquisition.
An entity tied to Extra Space Storage bought two Henrico County storage unit properties for a combined $26.7 million. The properties, which had been owned by Virginia-based Mini Price Storage, sold on Jan. 13, county records show. The sales are among the biggest commercial real estate deals of the new year.
The acquisitions are at 9001 Old Staples Mill Road and 1140 N. Laburnum Ave. The closing comes about 11 weeks after Extra Space entered into a purchase agreement to buy 17 local storage properties from Mini Price for a total of $200 million.
Extra Space spokesman Clint Halverson would not reveal exact locations of the properties in October and did not return a phone message seeking comment for this report.
The Extra Space website has added at least four Richmond area storage locations since the acquisition was announced in October 2013.
Mini Price listed more than 20 Richmond area locations on its website in November. That number had dropped to about 10 as of Jan. 15. Mini Price directed questions about the status of the sale to Extra Space’s toll free number.
Extra Space’s website is also marketing Mini Price complexes at 8025 Midlothian Turnpike and 7000 Hull Street Road. Chesterfield County property records show those locations are still owned by entities that share a mailing address with Mini Price Storage.
When completed, Extra Space’s acquisition will add 1.5 million square feet and 14,000 storage units to its portfolio. At the end of September, the 17 properties were about 90 percent occupied.
Extra Space is a publicly traded REIT. The firm said it is paying cash for the Richmond portfolio and held an offering 4.5 million shares of common stock on the day it announced the Mini Price acquisition in October.
The company had a stake in the market before moving in on Mini Price’s properties with three storage complexes in Richmond and a fourth in Glen Allen.