Edison Properties sells Manhattan Mini Storage for $3B
Missouri-based StorageMart acquires firm’s 18 locations in the borough
Three months after exploring a multi-billion-dollar sale of Manhattan Mini Storage, Edison Properties has found a buyer.
StorageMart has reached an agreement to acquire Manhattan Mini Storage and its 18 self-storage facilities in the borough, the Missouri-based firm announced Friday. Neither side disclosed the financial terms, but Crain’s reported that StorageMart paid just over $3 billion, citing people familiar with the matter.
The acquisition brings StorageMart’s portfolio to 20 million net rentable square feet and more than 200,000 storage units worldwide, including in Brooklyn, where it has two locations, as well as Chicago, Miami and Oakland, California, among other markets.
Citigroup served as the exclusive financial adviser and Kirkland & Ellis served as legal counsel to StorageMart. Eastdil Secured served as the exclusive financial adviser to Manhattan Mini Storage.
New Jersey-based parking operator Edison Properties, which managed Manhattan Mini Storage, had been working with Eastdil to find a buyer since August.
Self storage has enjoyed exceptional occupancy rates during the pandemic, and Manhattan Mini Storage has been no exception. The company’s 3.1 million square feet of storage space, spanning 56,000 units, had an occupancy above 95 percent as of August.
A year ago, local rival CubeSmart expanded its footprint in the city with a $540 million acquisition of eight self-storage properties in Brooklyn, Queens and the Bronx from Storage Deluxe. The same month, Blackstone Real Estate Income Trust purchased Simply Self Storage from Brookfield Asset Management for around $1.2 billion. And earlier this year, Public Storage acquired competitor ezStorage for $1.8 billion.