U-Haul has acquired a 908-unit self storage facility in Annapolis, Md., from Extra Space Storage. The asset is adjacent to a U-Haul property, which will allow the buyer to expand its existing location by 44,139 square feet.
The former Extra Space Storage facility at 2107 W. St. encompasses 10 one- and two-story buildings and offers climate-controlled units, RV and boat parking spaces, as well as storage spaces with drive-up access. According to data from Yardi Matrix, the 1985-built asset last changed hands in 2009, when Extra Space Storage acquired it for $4.3 million.
The property will merge with the two-story facility at 2115 W. St., which has been in the U-Haul portfolio since 2019. The assets are located in a large retail area less than 4 miles from Annapolis’ core. There are eight other self storage properties within a 3-mile radius, offering roughly 15 square feet of storage per capita, Yardi Matrix data shows. That’s double the national average and almost three times Washington, D.C.’s penetration rate.
U-Haul has had a very active year, initiating several adaptive reuse projects across the U.S. At the end of October, the company announced the conversion of a former Kmart store in West Columbia, S.C., to a 700-unit self storage facility.
The same month, the company took over a retail building in Modesto, Calif., and an old theatre in Rome, Ga., with conversion plans set to bring a combined 1,000 storage units to U-Haul’s portfolio.