Public Storage REIT Sells Warehouse to State

Public Storage Properties IX Inc. said it sold one of its properties, a Public Storage mini-warehouse near Interstate 5 in Santa Ana, to the state of California because the freeway is being widened.

The state has paid $3.7 million to the real estate investment trust (REIT), but both parties are still negotiating on the final price, the trust said.

Public Storage Properties IX is one of several publicly traded REITs affiliated with Public Storage Co., a Glendale-based umbrella organization for the Public Storage chain of self-storage warehouses.