Hundreds More Miami Self Storage Units Opened by Public Storage

GLENDALE, Calif.–(BUSINESS WIRE)–Public Storage (NYSE:PSA) took over four modern storage locations in the
Miami area on Thursday. And in a single day, the company increased its
footprint in the “Magic City” by 4%.


Public Storage bought the four locations—three in Miami and one in the
neighboring town of Hialeah—as part of its larger commitment to South
Florida and the entire Sunshine State. In addition to these latest grand
openings, the company has been expanding aggressively and even
experienced a 2% growth in the number of properties it owns statewide
over the last year.

Public Storage opened its first location in the Miami area 40 years ago
and has been a part of the community ever since, including with its 95th
storage facility that opened here today.

“We feel like this is a great acquisition. It upgrades our portfolio,”
said Erik Svensson a vice president with the company’s real estate
group. “Our Public Storage properties perform well here.”

Each of the newly purchased locations, built just two years ago, offers
all climate controlled storage units in a range of sizes, from small
lockers for a few items to 10×30 feet, and everything in between. They
are in neighborhoods with a large number of small apartments and homes,
where residents need help fitting it all in.

And with more businesses and residents moving in, including an 18%
population increase over the last two decades, according to the U.S.
Census, Public Storage is eager to make a difference. The area draws a
lot of millennials despite an expensive real estate market.

“They want to spend less on real estate and cost per foot,” said Joe
Zubi, senior vice president of communications for the Greater Miami
Chamber of Commerce. “They don’t want to throw stuff out or pay for an
extra bedroom.”

No matter the age of the beholder, the facilities are built to be
noticed, in keeping with the flair and the rich heritage of their
neighborhoods. In bold, modern geometric shapes, they welcome customers
with a variety of storage options, from nearly 600 units to a total of
over 900 units at the largest location on 8th Street in Miami.

Public
Storage 91 Southwest 3rd Street, Miami, FL 33130
is
located in Downtown Miami, near the Miami River, high-rises, museums and
high-end hotels.

Public
Storage 2190 SW 8th St., Miami, FL 33135
is located in
Little Havana.

Public
Storage 5609 Northeast 2nd Avenue, Miami, FL 33137
is in
Little Haiti.

Public
Storage 180 West 6th Street, Hialeah, FL 33010
is near
Miami International Airport.

“The properties are all well located in mature, infill markets and have
high visibility,” Svensson said.

For more information, visit the Public
Storage Blog
. Follow Public Storage on Facebook and Twitter.

Company Information

We help customers in their time of need, whether moving, downsizing or
storing for business. Public Storage was founded in 1972 with a single
Southern California self-storage building. We’ve grown a bit since then,
to more than 2,444 locations around the country, making us the largest
in the business today and a member of the S&P 500. We offer self-storage
options of all shapes and sizes and the same personal attention from
on-site managers that we’ve been giving from day one. For stockholders,
we are a real estate investment trust, meaning we distribute a large
portion of revenue to public investors in the form of dividends. Learn
more about Public Storage at https://www.publicstorage.com.

Contacts

Ryan Burke
(818) 244-8080, Ext. 1141

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