GLENDALE, CA-Public Storage has purchased asix-property self-storage portfolio from Babcock &Brown and four lenders for $42 million. The portfolioconsists of approximately 517,000 rentable square feet and 5,500storage units, and all properties were developed within the lastthree years. Locations include Wayne, NJ; Randolph, MA;Philadelphia; Montclair, CA; and Pompano Beach and Hialeah, FL.
Marc Boorstein and JeffJacobson of Chicago-based MJ Partners Self StorageGroup represented both the sellers and the buyer in theall-cash transaction. The four lenders included Bank ofAmerica, BMO Harris Bank, PNCBank and Emigrant Realty Finance.
“This portfolio is approximately 65% occupied, andadditional lease-up is anticipated to fill up each property within24 months,” says Boorstein.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
