California-based Public Storage is purchasing a 410,000-square-foot building in the Mott Haven neighborhood of the South Bronx for roughly $30 million, the New York Observer reported, but couldn’t immediately confirm. The property is located at 385 Gerard Avenue. This will be Public Storage’s third location in the Bronx. Massey Knakal’s Bob Knakal led a team to represent the property’s seller, R Squared LLC.
As previously reported, self-storage companies were found to be the best real estate investment over the past 10 years.
As The Real Deal previously reported, CubeSmart, a self-storage company, recently made a $59.27 million purchase of a Bronx storage facility — the largest property sale since the Lehman collapse. [NYO]