The 88,000-square-foot self-storage facility at 42 Convent Avenue in New York, NY was purchased by a limited liability company for $48 million, The Real Deal reported.
At around $700 per rentable square foot , that price is likely among the highest prices ever paid per square foot for a self-storage facility.
The buyer, NYC Self Storage Convent LLC, purchased the West Harlem property from Barrington, IL-based LSC Development. LSC converted the property from a vacant warehouse after purchasing it in 2013 for $13.3 million. The facility is managed by Extra Space Storage.
Real Deal also reported that a REIT managed by W.P. Carey acquired stakes in six self-storage facilities in the boroughs for a combined $69.9 million: 1205 Flatlands Avenue in Brooklyn, 1725 West Farms Road, 4268 Third Avenue and 1037 Zerega Avenue in the Bronx and 1545 Schaeffer Street in Queens. The facilities are operated by Secure Self Storage.
US Storage Centers acquired the 65,510-square-foot storage facility at 480 Florida Central Parkway in Longwood, FL for $6.45 million, property records show. The facility was sold by All-American Self Storage of Longwood. The facility is US Storage Centers’ fourth location in the Orlando metro area, and its ninth location in Florida. The facility offers a total of 540 storage units.
Strategic Storage Trust II purchased the 53,100-square-foot self-storage facility at 525 SW South Macedo Boularvard in Port St. Lucie, FL for $9.3 million, property records show. The facility was built in 1999 and is currently 97 percent occupied. The facility was sold by Storage West.
Dahn America 360 acquired the 104,000-square-foot facility at 2375 Lexington Road in Athens, GA for an undisclosed price. The facility offers 705 units and will operate has Mini U Storage.