BURLINGTON, MA-New York investment firm W. P. Carey has acquired its first self-storage property with the $19.9 million purchase of a five-building portfolio. Burlington, MA-based Stor-U-Self Management Corp., a subsidiary of R.J. Kelly Co. sold the portfolio.

The properties, located in Brockton, Billerica, Taunton and North Andover, MA and Newington, CT, contain about 3,000 storage units totaling approximately 380,000 sf. The portfolio was about 80% leased at the time of sale, according to Alex Berger of the R.J. Kelly Berger tells GlobeSt.com that the properties were the first self-storage units acquired by the buyer.

The portfolio, which was on the market for about a year, garnered several other offers but it was the high-price bid by W. P. Carey that took the keys to the buildings, Berger says.

Berger, along with Brandon and Scott Kelly, also with R.J. Kelly, and Nicholas Malagisi, Connie Neville, and Patrick Lemp, all with Sperry Van Ness Storage Realty of Williamsville, NY, handled the transaction for the seller. The Sperry Van Ness team also procured the buyer.

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