Sale of ExtraSpace Self Storage Portfolio (3 Assets, Phoenix)

Deal value: $57,000,000

Sale of a three-property, 245,000 SF self-storage portfolio in Phoenix, Arizona, by ExtraSpace Storage to a private equity consortium led by Harrison Street.

The core investment motivation is to capitalize on the resilient demand for self-storage in high-growth Sun Belt markets like Phoenix, driven by demographic shifts, urbanization, and increased mobility. Harrison Street and its partners see self-storage as a defensive, needs-based asset class with low economic correlation and strong cash flow potential. The timing reflects both consolidation opportunities in a fragmented sector and the desire to scale platforms in markets with favorable supply-demand dynamics.