Hugo Storage Units Contribute to 13% Company Growth in Minnesota
July 24 2019 - 1:46PM
Business Wire
Public Storage’s (NYSE:PSA) first units in the popular suburb of
Hugo, Minnesota, opened here today, contributing to a company
growth spurt in the state of 13% within the last year.
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The first Public Storage opened in Hugo,
Minnesota, today at Public Storage 13465 Fenway Blvd. Circle North,
Hugo, MN 55038. (Photo: Business Wire)
The newly purchased location is the company’s first in Hugo, a
commuter town northeast of Minneapolis. It is one of seven new
storage facilities the company has opened in Minnesota since August
2018 to serve an increasing need. Public Storage now operates 55
properties statewide.
“The population is growing over 1% per year, and there is
limited competition,” said Erik Svensson, a Public Storage vice
president.
Public Storage 13465 Fenway Blvd. Circle North, Hugo, MN 55038
has more than 400 storage units on site. Many are outdoors, for
convenient drive-up loading and unloading. There are also climate
controlled storage options.
The location is visible from Forest Boulevard, aka Highway 61,
and is about 20 miles northeast of St. Paul. It has appealing grey
stone accents and, like all Public Storage properties, a store
selling boxes, tape, mattress covers and other supplies.
This Public Storage acquisition comes at a time of economic
growth in the Twin Cities area, with a 6% increase in home values
over the last year and a median home price per square foot that is
still 15% less than in St. Paul, according to data from Zillow.
“Growth in Minnesota is exciting to see,” said Charles Gardiner,
an area manager. “This allows us to get into the Hugo and Lake
Forest area. It creates more opportunities. It’s part of how the
metro area is growing outward.”
Hugo residents are known for having a strong sense of community,
with parks and trails, as well as a nearby lakes for fun.
“Hugo is a classic Minnesota town–hardworking people who enjoy
lake life and community events,” said Erin Berrisford, an area
manager for Public Storage.
For more information, visit the Public Storage Blog. Follow
Public Storage on Facebook and Twitter.
Company Information
We help customers in their time of need, whether moving,
downsizing or storing for business. Public Storage was founded in
1972 with a single Southern California self-storage building. We’ve
grown a bit since then, to more than 2,444 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.
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Ryan Burke (818) 244-8080, Ext. 1141
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