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Kansas City developer to sell majority of storage business in $528M deal, exit national market

By Madison Parry

Riverside-based Northpoint Development is entering the second phase of a property sale to real estate investment trust, Public Storage. Northpoint is selling nearly all its Beyond Self Storage businesses and has already closed on 24 of its 36 locations.

For over half a billion dollars, Kansas City, Mo. developer, NorthPoint Development, is working on the second phase of a sale with California-based Public Storage.

Image courtesy InfoUSA

Northpoint is selling nearly all its Beyond Self Storage properties to real estate investment trust Public Storage.

The sale of 24 Beyond Self Storage properties to Public Storage have already closed and another 12 are set to be sold to the company.

Once finalized, the deal will seal Northpoint’s exit from that particular national market.

In taking on the 36 properties, Public Storage will gain 3.6 million net rentable square feet and about 34,400 storage units.

The remaining 12 Beyond Self Storage locations left to be sold are currently under construction, although all are scheduled to be complete in 2021.

The sale will benefit NorthPoint by allowing the developer to invest more energy and resources into its industrial businesses.