Public Storage has a portfolio of approximately 162 million net rentable square feet self-storage facilities
April 8, 2019: The Virginia Beach-based Suburban Capital has sold its entire Happy Boxes self-storage portfolio for $75 million. The company sold most of its 12 self-storage facilities to Real estate investment trust Public Storage Inc. The remaining sites has been purchased by undisclosed buyers. The company made the sale to focus on hospitality real estate.
The Happy Boxes locations are primarily in Virginia. One is still under development, said by Chris Perry, founder and CEO of Suburban.
Suburban Capitals entered the self-storage sector nearly 20 years ago. Though the company intends to focus on its hospitality business, it hasn’t ruled out a return to storage in the future. Other assets within its portfolio are also under review, Chris Perry told to source.
The company has hotel developments underway in Norfolk and Virginia Beach, Va. It operates franchised hotels under the Choice Hotels, Hilton, Hyatt, Marriott, Starwood and Wyndham banners others.
Public Storage based in Glendale, California., has interests in 2,429 self-storage facilities in 38 states, with approximately 162 million net rentable square feet.
Suburban Capitals founded in 1999 and based in Virginia Beach. It is a privately held real estate company with interests in the industrial, hotel, office and retail sectors.