With the self-storage market booming, developer Adam Gordon is cashing out.
Gordon’s firm, Wildflower, sold a roughly 3,300-unit facility it built at 3350 Park Avenue in the Morrisania section of the Bronx to Atlanta-based operator Storage Post for $65 million, Gordon told The Real Deal.
Wildflower bought the property in 2017 for $9 million, public records show, and developed the nearly 130,000-square-foot self-storage building on the site.
Gordon said the sale represents “our firm’s continued pivot into e-commerce and content creation.”
Wildflower is developing a 775,000-square-foot film production studio in Astoria in partnership with actor Robert De Niro and producer Jane Rosenthal. Wildflower has also developed several last-mile distribution facilities in the city, including an over 400,000-square-foot multi-level warehouse near John F. Kennedy International Airport that’s leased to Amazon.
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The self-storage market, meanwhile, has caught fire as the pandemic spurred both people and businesses to lock up their stuff.
Self-storage REITs have notched returns of 84 percent since early 2020, the Wall Street Journal reported in December, far outpacing the 20 percent that the broader FTSE Nareit All Equity REITs Index returned during that time.
The surge in demand has led to some eye-popping deals. Edison Properties last year sold its Manhattan Mini Storage company to Missouri-based StorageMart for $3 billion.