Devon Self Storage announced today that it has closed on the acquisition of Budget Self Storage, located on Cascades Parkway in Sterling, VA, a suburb of Washington, D.C. The facility currently boasts 56,795 square feet of non-climate controlled self storage space in 527 units. Devon plans to invest several million dollars in improvements including a new 25,500 square foot climate controlled building, new roofs, new asphalt, new paint and a new leasing office. The site is also a major U-Haul leasing agent with more than 30 trucks and trailers normally on site and actively being rented. The site will be reflagged as Devon Self Storage and will be Devon’s second current site in Virginia.
Devon Self Storage currently operates 48 self storage sites in 17 states managing in excess of 3,500,000 square feet and 21,000 tenants. The company, founded in 1988, is based in Emeryville, California and employs more than 100 people.
Contact: Kenneth E. Nitzberg
Chairman & CEO