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Public Storage Buys Nationwide Portfolio for $42M

GLENDALE, CA-Babcock & Brown’s former six-property portfolio consists of 5,500 storage units nationwide.

By Carrie Rossenfeld | Updated on March 27, 2012

GLENDALE, CA-Public Storage has purchased a six-property self-storage portfolio from Babcock & Brown and four lenders for $42 million. The portfolio consists of approximately 517,000 rentable square feet and 5,500 storage units, and all properties were developed within the last three years. Locations include Wayne, NJ; Randolph, MA; Philadelphia; Montclair, CA; and Pompano Beach and Hialeah, FL.

Marc Boorstein and Jeff Jacobson of Chicago-based MJ Partners Self Storage Group represented both the sellers and the buyer in the all-cash transaction. The four lenders included Bank of America, BMO Harris Bank, PNC Bank and Emigrant Realty Finance.

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