# Public Storage Paid $9.4 Million for a 43,000-Square-Foot Camas, Washington, Store From NSA on October 28, 2026

> The Camas deal is a priced tuck-in from the NSA portfolio in Clark County, not a new development play. StorTrack data in the roundup shows 10.17 square feet per capita and walk-in asking rates near $1.52 per square foot in the submarket.

- URL: https://www.yourcaio.co/news/public-storage-camas-washington-nsa-9-4-million-october-2026
- Published: 2026-10-29
- Author: David Cartolano (https://www.yourcaio.co/about)
- Category: Market Trends
- Tags: Public Storage, National Storage Affiliates, Camas Washington, M&A Integration, Pacific Northwest
- Source: [List Self Storage](https://listselfstorage.com/us/industry-insights/weekly-self-storage-transaction-roundup-10-21-26-10-28-26/)

## Key Takeaways

- List Self Storage reported October 28, 2026 that Public Storage acquired a 43,000-square-foot self-storage facility at 345 N Shepherd Rd, Camas, Washington, for $9,400,000 from seller National Storage Affiliates Trust.
- StorTrack metrics published with the listing show 10.17 square feet per capita, 22 stores in the market snapshot, walk-in average rates of $1.52 per square foot, and median income of $118,700 on a population base of 110,900.
- The Camas trade appears in the same October 21-28, 2026 deal window as [Public Storage's Q3 2026 earnings release](https://www.yourcaio.co/news/public-storage-q3-2026-earnings-raised-guidance-october-2026), which disclosed $258.4 million of organic U.S. acquisitions excluding NSA and Canada.
- National Storage Affiliates merged into Public Storage in July 2026 on a transaction valued near $10.5 billion; a priced NSA-to-PSA sale in Clark County signals post-close portfolio triage, not just bulk integration.
- At roughly $219 per square foot on 43,000 rentable square feet, the headline price sits in Pacific Northwest infill territory where new supply is constrained by land cost and permitting friction.

Public Storage paid **$9,400,000** for a **43,000-square-foot** self-storage facility at **345 N Shepherd Rd in Camas, Washington**, acquiring the asset from **National Storage Affiliates Trust**, per **List Self Storage's October 28, 2026** transaction roundup. The trade is a rare **priced, single-asset** data point inside the **July 2026 NSA merger** footprint, not a greenfield bet.

The deal lands in the same week [Public Storage raised 2026 guidance on October 26](https://www.yourcaio.co/news/public-storage-q3-2026-earnings-raised-guidance-october-2026) and [Extra Space posted 4.6% same-store NOI growth on October 27](https://www.yourcaio.co/news/extra-space-storage-q3-2026-earnings-core-ffo-guidance-october-2026). It also sits beside private-market velocity in [List's October 21-28 roundup](https://www.yourcaio.co/news/sw-group-cubesmart-canton-ohio-first-out-of-state-october-2026), where regional platforms still buy while REITs integrate mega-mergers.

---

## What Did List Self Storage Report About the Camas Transaction?

List Self Storage identified the trade in its **October 28, 2026** weekly roundup covering **October 21 through October 28**. The entry lists:

| Field | Reported detail |
|------|-----------------|
| Address | 345 N Shepherd Rd, Camas, WA 98607 |
| Buyer | Public Storage |
| Seller | National Storage Affiliates Trust (NSA) |
| Sale price | $9,400,000 |
| Size | 43,000 square feet (rentable basis per listing) |
| Deal type | Single-asset sale |

List Self Storage notes its roundup captures publicly visible sales, not the full market. Even with that caveat, a **named REIT buyer, named NSA seller, and disclosed price** is unusually specific for a suburban Pacific Northwest tuck-in.

StorTrack market metrics attached to the listing provide context:

| StorTrack snapshot | Value |
|------|------|
| Square feet per capita | 10.17 |
| Total stores (snapshot) | 22 |
| Walk-in average / SF | $1.52 |
| Online average / SF | $1.31 |
| Population | 110,900 |
| Median income | $118,700 |

Camas sits across the Columbia River from Portland, Oregon, in Clark County. High median income and double-digit walk-in averages support climate-controlled pricing, even when [national advertised rates slipped 1.8% in September 2026](https://www.yourcaio.co/news/yardi-matrix-october-2026-advertised-rates-1-8-percent-september-2026).

---

## Why Does an NSA Seller Matter After the July 2026 Merger Close?

Public Storage closed its **National Storage Affiliates** acquisition in **July 2026** on a transaction valued near **$10.5 billion**, collapsing the legacy four-REIT panel into three large caps. Integration is not only IT and branding. It is **which stores stay**, which convert to PSA signage immediately, and which trade to optimize capital.

A **Camas asset with NSA on the sell side and PSA on the buy side** reads like **internal recycling** or **financing cleanup**, not a third-party arms-length comp. Capright's October update already flagged **composition effects** in REIT occupancy after the merger close.

Operators should not extrapolate the **$219 per square foot** implied price to every suburban asset. The numerator is known; occupancy, expense load, and rent roll quality are not in the List Self Storage blurb. Broader context still matters: [Capright documented REIT occupancy recovery and ECRI strength in October 2026](https://www.yourcaio.co/news/capright-october-2026-reit-occupancy-ecri-street-gap-2026) while street asking rates softened nationally.

For private sellers in Clark County, the signal is simpler: **Public Storage is still active on the buy side in the Pacific Northwest** after the NSA combination, alongside organic pipelines disclosed in Q3 materials.

---

## How Should Investors Read $9.4 Million Against Q3 Acquisition Volume?

Public Storage's **October 26, 2026** release emphasized **organic growth**: **25** operating property acquisitions in Q3, **$258.4 million** invested excluding NSA and Canada, plus integration of NSA and Public Storage Canada.

The Camas trade is not in that Q3 table if it closed in late October. It is a **fourth-quarter line item** that shows the acquisition machine did not pause for earnings week.

Compare the scale:

| Activity | Scale |
|------|------|
| Q3 2026 organic PS buys (per earnings) | $258.4 million |
| Camas single asset (List Self Storage) | $9.4 million |
| NSA merger (July 2026 close) | ~$10.5 billion |

**$9.4 million** is immaterial to PSA's balance sheet. It is material as **evidence of ongoing portfolio surgery** at the unit level. The same week, [Public Storage also appeared in Colorado iBox tuck-ins](https://www.yourcaio.co/news/public-storage-colorado-ibox-aurora-fort-collins-october-2026) documented earlier in October.

Institutional underwriters should track **seller identity** on Pacific Northwest comps. When NSA remains the recorded seller months after close, adjust your **hold period and disposition** assumptions for merged portfolios.

---

## What Does Camas Mean for Independent Operators in the Portland-Vancouver Orbit?

Suburban Clark County is not Sun Belt oversupply theater. **10.17 square feet per capita** in the StorTrack snapshot is tighter than many Texas corridors where [SW Group and Versal closed value-add trades the same week](https://www.yourcaio.co/news/versal-a-prime-self-storage-la-grange-wiicre-october-2026).

Independent operators competing on Shepherd Road should expect **PSA revenue management**, **national ad spend**, and **tenant insurance attach** on a store that now clearly sits in the largest U.S. platform.

The Camas trade also intersects with **AI and call-center investment**: [Storelocal's October 28 StoragePilot partnership](https://www.yourcaio.co/news/storelocal-storagepilot-preferred-partner-ai-october-2026) targets independents who cannot match PSA's centralized leasing infrastructure. Pacific Northwest independents need **phone coverage and policy consistency** when REIT buyers pay **$1.52 walk-in** averages in the same StorTrack panel.

Development-minded groups should note List Self Storage's roundup also logged **MyPlace** and **Glacier West** trades elsewhere; infill buyers pay for **existing cash flow**, not entitlement risk.

---

## The Numbers Worth Writing Down

- **$9,400,000** sale price, Camas, WA (List Self Storage, October 28, 2026)
- **43,000** square feet at **345 N Shepherd Rd**
- Seller: **National Storage Affiliates Trust**; Buyer: **Public Storage**
- StorTrack: **10.17** SF/capita; **22** stores; **$1.52** walk-in avg/SF
- Population **110,900**; median income **$118,700**
- Implied **~$219** per rentable square foot on disclosed price and size
- Same week as [PSA Q3 earnings](https://www.yourcaio.co/news/public-storage-q3-2026-earnings-raised-guidance-october-2026) and [EXR Q3 beat](https://www.yourcaio.co/news/extra-space-storage-q3-2026-earnings-core-ffo-guidance-october-2026)

---

## Merger Math Still Happens One Store at a Time

The NSA merger rewrote sector scale overnight. The Camas receipt proves **integration is still a deal tape story** in October 2026: priced, disclosed, and suburban.

Mega-cap same-store prints grab headlines; **$9.4 million** trades show where merged portfolios get trimmed or repositioned. If you are underwriting Pacific Northwest dispositions, treat **seller name and timing post-merger** as first-class data, not footnotes.

---

## Sources

- [Weekly Self Storage Transaction Roundup: 10/21/26 – 10/28/26](https://listselfstorage.com/us/industry-insights/weekly-self-storage-transaction-roundup-10-21-26-10-28-26/), List Self Storage, October 28, 2026
- [Public Storage Q3 2026 Earnings and Raised Guidance](https://www.yourcaio.co/news/public-storage-q3-2026-earnings-raised-guidance-october-2026), Your CAIO, October 2026
- [Capright October 2026 REIT Occupancy and ECRI Commentary](https://www.yourcaio.co/news/capright-october-2026-reit-occupancy-ecri-street-gap-2026), Your CAIO, October 2026
- [Yardi Matrix October 2026 Advertised Rates](https://www.yourcaio.co/news/yardi-matrix-october-2026-advertised-rates-1-8-percent-september-2026), Your CAIO, October 2026

## Frequently Asked Questions

### How much did Public Storage pay for the Camas, Washington, self-storage facility?

List Self Storage's October 28, 2026 weekly roundup lists a $9,400,000 sale price for the 43,000-square-foot asset at 345 N Shepherd Rd in Camas, Washington. The reported seller was National Storage Affiliates Trust and the buyer was Public Storage.

### Why is Public Storage buying a store from NSA after the merger?

Large mergers rarely leave every legacy asset in the surviving portfolio. A disclosed NSA seller on a single Clark County store suggests Public Storage is rationalizing overlap, financing structures, or market fit while consolidating brands under PSA. It is portfolio housekeeping inside a merged footprint, not a reversal of the July 2026 deal.

### What market conditions surround the Camas acquisition?

StorTrack data in the List Self Storage listing shows 10.17 square feet per capita, 22 facilities in the snapshot market, walk-in averages of $1.52 per square foot, online averages of $1.31, and median income of $118,700. Camas sits in the Portland-Vancouver metro orbit where suburban income supports climate-controlled pricing.

### How does the Camas deal relate to Public Storage Q3 2026 results?

Public Storage reported Q3 2026 results on October 26, 2026, with 0.5% same-store revenue growth and raised full-year guidance while disclosing substantial organic acquisition volume. The Camas trade, logged days later, illustrates that integration work continues at the asset level even as investors focus on same-store metrics and share repurchases.

### Is $219 per square foot expensive for self-storage in 2026?

The implied $219 per rentable square foot is a function of a 43,000-square-foot infill asset in a high-income Clark County submarket, not a national average. Buyers underwrite in-place rent, occupancy, and replacement cost. The List Self Storage entry does not disclose occupancy or NOI, so cap-rate math requires facility-level diligence.

---

Cite as: David Cartolano, "Public Storage Paid $9.4 Million for a 43,000-Square-Foot Camas, Washington, Store From NSA on October 28, 2026," YourCAIO.co, 2026-10-29, https://www.yourcaio.co/news/public-storage-camas-washington-nsa-9-4-million-october-2026