Brookfield Asset Management entities paid a combined $90 million for three properties in Brooklyn, NY:
- The company bought a 67,000-square-foot self-storage building at 235 Park Ave. in Clinton Hill, Brooklyn, for $32 million. Maddd Equities, Joy Construction and Cayre Equities sold the four-story building, also known as 45 Clinton Avenue, which they bought in 2018 for about $27 million. The facility was operated by Treasure Island Storage.
- Brookfield Property’s parent company, Brookfield Asset Management, bought a 105,000-square-foot storage building at 300 Sheffield Ave. in East New York, Brooklyn, for $31.4 million. A Heitman Capital Management affiliate sold the property, which it bought in 2015 for $10.3 million.
- Brookfield Property Group also bought a 79,000-square-foot self-storage building at 1654 Bushwick Ave. in Bushwick, Brooklyn, for $26.6 million (pictured above). The seller was an affiliate of Cayre Equities, which bought land on which the building now stands for $4.5 million in 2016. The facility was operated by Treasure Island Storage. Source: The Real Deal
Storage Post Self Storage, based in Atlanta, GA, acquired a four-property portfolio in the New York City area: three Long Island facilities at 1000 Axinn Ave., Garden City; 50 Carnation Ave, Floral Park; and 280 Broadway, Huntington Station, with the fourth facility located at 1760 Front St. in Yorktown Heights. Storage Post has managed the four properties, which have a total of over 370,000 gross square feet, for an institutional partner since 2016 and will continue to manage them. The four businesses have climate-controlled units. Steve Mellon and Brian Somoza of JLL Capital Markets brokered the transaction. Source: PR Newswire
StorageMart bought a former Life Storage facility in San Antonio, TX that has 877 units across 99,833 square feet. The new owners plan to upgrade the security system. StorageMart operates four facilities in the San Antonio area. Source: REBusiness Online
Compass Self Storage, which is in the Amsdell family of companies based in Cleveland, OH, purchased two properties: Compass Self Storage, 400 George Washington Highway, Smithfield, RI and Compass Boat & RV Storage, 2175 E. State Road 44, Wildwood, FL. The Smithfield site has climate-controlled units. Compass Boat & RV Storage offers 223 parking spaces (including some that are covered) for boats, cars and RVs. Source: Globe Newswire
The LC Realty Team – Argus Self Store Advisors broker affiliates – announced the sale of The Moving Storage Center of Long Island, located at 260 Moffitt Blvd. in Islip in Long Island, NY. The facility has 44,727 square feet. Linda Cinelli and Edan Cohen of LC Realty represented the seller, an independent owner and manager who developed the facility in 2000. LC Realty found the buyer, a New York City investment firm that owns and manages self-storage facilities. The Moving Center has two buildings and 217 units plus 30 outdoor parking spaces, sitting on 1.6 acres. LC Realty is the Argus Self Storage Advisor broker affiliate for New York and New Jersey. Source: PR.com
Andover Properties (dba Storage King USA) purchased the Storage Depot of Savannah (GA). It has 112,000 square feet across 568 self-storage units and 34 commercial spaces. It will operate under the Storage King USA brand. Source: Andover Properties
Berkshire Hathaway announced the sale of CubeSmart Self Storage in Piedmont, SC. It has 96,633 NRSF with 702 units. Berkshire Hathaway’s Cameron Vale, senior vice president, and Parker Sweet, president, represented the seller and found the buyer, a national private equity firm. Source: Berkshire Hathaway
SkyView Advisors announced the sale of a three-story Public Storage (managed) at 3350 Park Ave. in the Bronx, NY to The Storage Post. It has 3,035 units across 128,642 NRSF and 2.11 acres. The facility was built in 2019. Aaron Sanchez brokered the deal and Rachel Rene, deal manager, helped close the transaction.
Also, SkyView Advisors announced the sale of Louisville-Jefferson County, KY-IN Self Storage. It has 300-plus units spread over 40,000 NRSF. Michael Brandon, senior vice president, and Scott Schoettlin, managing director, represented the seller.
In addition, Skyview Advisors announced the sale of Extra Space (managed) in Fairfield, AL, in the Birmingham market. It has 598 units across 78,215 NRSF on 940 acres. The company’s Zachary Urow and Richard Riddle completed the transaction.
Marcus & Millichap
Marcus & Millichap also announced the sale of the IN Self-Storage portfolio, which has a total of 136,150 square feet of storage in four Texas locations:
- Aubrey (14799 Fishtrap Road)
- Flower Mound (2400 Victory Drive)
- Fort Worth (2801 E. Loop 820)
- Wylie (3825 Old Parker Road)
Danny Cunningham and Brandon Karr in the Fort Worth office had the listing. The seller was a private investment group. They also found the buyer, Cohen Investment Group. Source: REJournals
Marcus & Millichap Real Estate Investment Services of Florida Inc. announced the sale of Storage Maxx in Homestead, FL. Meir D. Perlmuter, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing. Ryan Nee, Florida broker of record, helped close the transaction. The facility has 42,306 square feet spread across 203 climate-controlled units, 137 non-climate-controlled units and 10 lockers, plus 129 rentable parking spaces.
Also, the Greenhalgh Storage Group of Marcus & Millichap announced the sale of Regional Warehousing & Mini Storage at 3525 Mountain View Drive in Southside, AL. It has 288 units and 51,640 square feet, and sits on 10.55 acres of land. Jake Payne, Eddie Greenhalgh and Lee Thornton had the listing and also found the buyer.
In addition, Marchus & Millichap announced the sale of Cavitt Street Storage at 2306 Cavitt Ave. in Bryan, TX. Arol Horkavy and Jon Danklefs had the listing on behalf of the seller, an LLC. They also found the buyer, also an LLC. The facility has 8,100 square feet and sits on 0.48 acres, with 31 non-climate-controlled units plus a 3,200-square-foot warehouse.