New York and BostonSelf-Storage Portfolio.

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NEW YORK CITY-A Public Storageaffiliate has purchased a portfolio of three Class-A self-storageproperties with a  total of 3,596 units in the greater NewYork City and Boston areas from a Banner Real Estate Groupaffiliate. Jones Lang LaSalle arranged the transaction. Theacquisition amount was not disclosed. 

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The portfolio comprises three new, institutional-quality assetsin densely populated core urban areas with high barriers to entry.The facilities were constructed in 2018 and 2019. The two New Yorkproperties are located at 5002 2nd Ave. in Brooklyn and at 479 5thAve. in New Rochelle, in the Westchester County Submarket, and theBoston-area property is at 490 Eastern Ave. in Malden.

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"This portfolio offers immediate scale in the self-storagesector with a meaningful presence in two of the most sought-aftermarkets in the U.S.," JLL Managing Director Steve Mellon said in aprepared statement. "This was an extremely rare opportunity for thebuyer to place a large amount of capital in institutional-qualityassets located in core, urban areas with extreme barriers to entryfor 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.