Self-storage portfolio marks largest Brooklyn commercial deal this year
From left: Storage facilities 481 Grand Avenue, 2047 Pitkin Avenue and 464 Stanley Avenue (building credits: PropertyShark)
The sale of five Storage Deluxe self-storage properties in Brooklyn marks the largest commercial real estate transaction in the borough this year, according to Brownstoner.
This past Friday, self-storage real estate investment trust CubeSmart purchased the facilities for $123.9 million as part of a larger, $357.31 million sale of a 16-property storage portfolio in New York, Connecticut and Pennsylvania. Holliday Fenoglio Fowler and Louis Perfetto of law firm Cohen & Perfetto represented Manhattan-based seller Storage Deluxe in the deal. Under the terms of the contract, CubeSmart will also pick up six more self-storage for about $202.7 million in a deal set to close in early 2012.
The Brooklyn Storage Deluxe facilities that were sold include 481 Grand Avenue in Clinton Hill for $17.5 million, 552 Van Buren Street in Bushwick for $22.3 million, 464 Stanley Avenue and 2047 Pitkin Avenue in East New York for $27.8 million and $15.4 million, respectively, and 2400 Cropsey Avenue in Gravesend for $40.6 million.
CubeSmart also picked up two Storage Deluxe facilities in Queens for $51.3 million, and at least one property in the Bronx for $6.3 million.
“We believe we have capitalized on a unique opportunity to monetize the value of the majority of our portfolio and this transaction will be a win-win for both CubeSmart and Storage Deluxe,” Storage Deluxe CEO Nick Coslov said in a statement. [Brownstoner]