New York and Boston Self-Storage Portfolio.
NEW YORK CITY- A Public Storage affiliate has purchased a portfolio of three Class-A self-storage properties with a total of 3,596 units in the greater New York City and Boston areas from a Banner Real Estate Group affiliate. Jones Lang LaSalle arranged the transaction. The acquisition amount was not disclosed.
The portfolio comprises three new, institutional-quality assets in densely populated core urban areas with high barriers to entry. The facilities were constructed in 2018 and 2019. The two New York properties are located at 5002 2nd Ave. in Brooklyn and at 479 5th Ave. in New Rochelle, in the Westchester County Submarket, and the Boston-area property is at 490 Eastern Ave. in Malden.
"This portfolio offers immediate scale in the self-storage sector with a meaningful presence in two of the most sought-after markets in the U.S.," JLL Managing Director Steve Mellon said in a prepared statement. "This was an extremely rare opportunity for the buyer to place a large amount of capital in institutional-quality assets located in core, urban areas with extreme barriers to entry for new competition."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
