Public Storage Cancels Offer to Balcor Co.

Public Storage Inc., a Glendale storage facilities company, withdrew its offer to buy a minority stake in a self-storage business run by Balcor Co.

The move followed Balcor’s announcement that holders of partnership interests in Balcor/Colonial Storage Income Fund 86 had voted to sell out to Storage Trust Properties for $67.1 million.

Public Storage, which already owned 7.8% of the Balcor partnership, had bid $26 million for an additional 39%.