GE Unit to Sell Storage USA for $2.3 Billion

GE Commercial Finance, the business-to-business financial services unit of General Electric (GE Quote), agreed to sell Storage USA for $2.3 billion in cash to a joint venture between Extra Space Storage (EXR Quote) and Prudential Real Estate Investors.

Storage USA is one of the largest self-storage companies in the U.S. with more than 450 properties in 30 states and Washington, D.C. Extra Space Storage, based in Salt Lake City, owns and operates 148 self-storage properties in 20 states.

The companies expect to close the agreement in the third quarter.