National self-storage brand enters Minnesota

Posted by Poppy Behrens on Apr 4, 2016 12:00:00 AM

National self-storage brand enters Minnesota

Extra Space Storage Inc. has opened its first Minnesota facility in St. Louis Park and plans to develop three more Twin Cities locations in the next year.

Salt Lake City-based Extra Space (NYSE: EXR) is the second-largest operator of self-storage properties in the U.S., with more than 965 self-storage properties in 35 states. It’s entering the Twin Cities market through a development deal with Edina-based Buhl Investors, founded last year by Peter Deanovic.

The new 110,000-square-foot facility is at at 5051 Highway 7, near the intersection of Highway 100. It has an on-site manger, climate-controlled units, 53-stalls of covered parking and an indoor loading dock.

Buhl developed and will own this facility, which will be managed by Extra Space.

The companies plan to open three more Extra Space Storage facilities in the Twin Cities by the first quarter of 2017, although they haven’t determined the exact locations yet, a spokeswoman said.

Buhl is also developing a Hilton Home2Suites in Minnetonka and the Gateway Industrial Business Park in Eagan