Extra Space, PGIM pick up self-storage properties for $114M

Most recent buy cost $43M

New York /
Mar.March 28, 2019 07:00 AM
976 Cypress Avenue in Queens with PGIM CEO David Hunt

976 Cypress Avenue in Queens with PGIM CEO David Hunt (Credit: Google Maps and PGIM)

Extra Space Storage and PGIM Real Estate have snapped up two more of LSC Development’s self-storage properties, for a total price tag of about $114.2 million.

The most recent buy was for a $43.3 million, four-story facility at 976 Cypress Avenue in Ridgewood, according to property records filed Tuesday. And last month, the self-storage REIT and PGIM, the real estate investment arm of Prudential Financial, dropped roughly $70.9 million for another five-story building at 1320 37th Street in Borough Park.

Extra Space did not return messages seeking comment, PGIM declined to comment and Christopher Barry, LSC Development’s owner, was unavailable for comment.

The two properties are new. LSC Development, an Illinois-based builder, filed an application to build its Borough Park project, which spans about 118,000 square feet, in 2014. The developer filed applications to construct the Queens site in 2016.

It’s not the first time LSC Development has sold self-storage assets to the firms. In 2017, PGIM and Extra Space bought the 39,200-square-foot 950 Georgia Avenue from LSC Development for about $25.9 million, according to property records.

Extra Space and PGIM have long partnered in the self-storage space and have a joint venture. In 2005, the two linked up to acquire Storage USA for $2.3 billion from a division of General Electric Corp.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Marcus Partners CEO Paul Marcus and 18-20 Harmich Road in South Plainfield, New Jersey (Getty Images, Lee & Associates, Marcus Partners)
Private equity firm buys South Plainfield warehouses for $37M
Private equity firm buys South Plainfield warehouses for $37M
Arch Companies’ Jeffrey Simpson with 1633 East 16th Street (Arch Companies, Google Maps)
Just two mid-market investment sales closed in NYC last week
Just two mid-market investment sales closed in NYC last week
From left: Highpoint’s Partner Drew Popkin and Ross Banon with 99 North 4th Street (City Realty, LinkedIn)
Corner Street, Highpoint nab outer-borough portfolio for $167M
Corner Street, Highpoint nab outer-borough portfolio for $167M
(Photo Illustration by The Real Deal with Getty Images and Americasroof at English Wikipedia, CC BY-SA 3.0 - via Wikimedia Commons)
Chinese firms bailing on US commercial market
Chinese firms bailing on US commercial market
Dart Enterprises' Ken Dart and 175 Water Street (Getty Images, Google Maps, YouTube/WORLD TOP 10 OFFICIAL)
Reclusive billionaire buying former AIG headquarters
Reclusive billionaire buying former AIG headquarters
31-35 Styertowne Road in Clifton and Longpoint’s Managing Partner Dwight Angelini (Google Maps, Longpoint)
Longpoint buys Passaic County warehouses for $18.5M
Longpoint buys Passaic County warehouses for $18.5M
Walker & Dunlop's David Ash, Kris Mikkelsen (left) with One Vanderbilt (Walker & Dunlop, Google Maps)
David Ash to launch Walker & Dunlop NYC sales office
David Ash to launch Walker & Dunlop NYC sales office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...