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Public Storage Inc. was founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. It grew to 1,000 locations by 1989, using funding from investors in real estate limited partnerships (RELPs). The private company was re-structured as a publicly traded REIT in 1995, when Storage Equities merged with Public Storage and adopted its name.
The Lock Up provides clients with options like carpeted units, security cameras, controlled access, climate control and wine storage. [2] Many of The Lock Up’s sites are constructed to look like hotels and office buildings to blend into their communities. [3] [4]
He invented PODS containers, as well as a hydraulic lift system that enables operators to easily deliver and transport the units, which he named PODZILLA. [3] In 2003, PODS received an equity investment of $15M from the Hunt Private Equity Group, along with a $25M senior credit facility from Congress Financial Corp. [4]
Self storage (a shorthand for "self-service storage") is an industry that rents storage space (such as rooms, lockers, shipping containers, and/or outdoor space), also known as "storage units," to tenants, usually on a short-term basis (often month-to-month). Self-storage tenants include businesses and individuals.
Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many U.S. states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.
The company operated out of its home office in Columbia, Missouri until it was acquired by Public Storage for $600 million in 1999. [2] [3] StorageMart came to public attention in the early 2000s by using non-traditional buildings to house its storage facilities, including the use of a 10-story mid-rise building in Miami, Florida. This allowed ...
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