The Real Deal New York

NYC self-storage portfolio trades hands

January 28, 2013 02:30PM
By Zachary Kussin

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Storage Post CEO Bruce Roch and a Bronx Storage Post location

Storage Post, an Atlanta-based self-storage company, has purchased a $249 million portfolio of self-storage facilities located in Queens, Brooklyn and the Bronx from Acadia Realty Trust, according to city public records filed late last week. The sale appears to mark Storage Post’s acquisition of Acadia’s entire self-storage portfolio, according to an Acadia press release issued in late December.

Acadia said then that it had signed a firm contract to sell 14 facilities in the Greater New York area to Storage Post and an unnamed institutional investor. The entire portfolio encompasses 1.1 million square feet of rentable storage space that, as of the end of September 2012, was 92.8 percent occupied.

The deals in the Bronx include the sale of 4077 Park Avenue for $9.7 million, 112 Bruckner Boulevard for $24.1 million and 301-305 West Fordham Road for $23.2 million. In Queens, 30-28 Starr Avenue traded for $38.3 million and 48-05 Metropolitan Avenue for $23.9 million. In Brooklyn, 3329 Atlantic Avenue sold for $25.7 million. The locations of the remaining eight properties were not immediately available.

Neither Storage Post nor Acadia immediately responded to requests for comment.

Storage Post’s additional properties include storage facilities in Queens, the Bronx, Brooklyn, New Hyde Park, Yonkers and two New Jersey locations.

Self-storage companies were found to be the best real estate investment of the past decade, according to a ranking from Bloomberg News.

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