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."

Instant Insights /

New York, Boston Self-Storage Portfolio Trades

Related Stories

Recommended For You