StorageMart has made one of the largest self storage acquisitions in New York City's history. In fact, the deal to buy the 15 asset portfolio is the second-largest in the city's history and is worth $1.03 billion, according to reporting from the New York Business Journal.
The properties take up a total of 1.3 million net rentable square feet and span across Brooklyn, Queens, Staten Island and Manhattan. Also, the portfolio includes a total of 25,498 storage units, with 121 parking spots.
The move will push StorageMart's total self-storage locations, which are spread across three countries, to roughly 354 and take its total assets under management above $10 billion.
In the greater NYC metro area, the company manages 51 locations across more than four million square feet, operating under the Manhattan Mini Storage brand.
"This acquisition reinforces our long-term commitment to New York City and our confidence in both the strength of the self-storage sector and the city's enduring demand fundamentals," Alex Burnam, StorageMart's senior vice president of real estate acquisitions, said in a statement.
"We're proud to expand the Manhattan Mini Storage brand and continue setting the pace for innovation and growth in the industry."
Meanwhile, a new report from Yardi Matrix findsthat rents rose 0.3 year-over-year but fell 0.3 on a monthly basis in December. Notably, rents fell in 25 of the top 30 metros, with NYC showing resilience with month-over-month growth for the second year in a row. Yardi Matrix said that NYC has also been seeing declines in self storage construction.
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