GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) purchased two new climate controlled storage locations today that increase the company’s presence in the Boston area by 7%.
“These properties are in great infill locations where it is difficult to find land available to build self storage,” said Erik Svensson, a vice president in the company’s Real Estate group.
The newly acquired facilities are Public Storage 671 Washington St., Quincy, MA 02169, the company’s first location in Quincy, and Public Storage 1901 Revere Beach Pkwy, Everett, MA 02149, the company’s second in Everett.
Both storage facilities are close to Boston by car and also near stops of “the T” subway system. In addition, Boston Logan International Airport is less than a 30-minute drive by car.
The modern concrete and glass storage facilities bring more than 2,300 self storage units, and more Public Storage Orange, to communities starved for space. After all, in both towns the population is growing, according to the U.S. Census, and housing costs per square foot are higher than average for the Boston area, according to Zillow.com.
The Everett storage units serve a town with Vegas-style glitz thanks to the opening this year of a 210,000-square-foot luxury casino and 671-room hotel called the Encore Boston Harbor along Mystic River.
Quincy, also called the “City of Presidents,” is the birthplace of both U.S. Presidents John Adams and John Quincy Adams as well as John Hancock, president of the first Continental Congress. Its historic architecture reflects its important place in American history.
Both towns have strong job markets with GE, biotech and academic institutions offering a rich tapestry of opportunity.
Public Storage was founded in 1972 with a single Southern California self storage building. We’ve grown a bit since then, to more than 2,456 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.