A portfolio of 13 facilities, spanning 700,000-square-feet in four states, was sold for nearly $100 million to an unnamed institutional joint venture.
“A nearly $100 million transaction closing in the last days of the year is on par with previous year-end closing sprints.” said Aaron Swerdlin of NGKF Capital Markets in a press release.
Swerdlin, along with colleague Kenneth Cox, represented the seller, Casey Storage Solutions, an affiliate of PhilMor Real Estate Investments of Auburn, MA.
The facilities combined total 5,800 storage units and are located in Massachusetts, Connecticut, Rhode Island and Vermont.
“This transaction is an excellent example of well located, institutional quality assets generating extensive interest, despite expectations for an adjustment year in 2017,” Swerdlin said.
The new owners have tapped CubeSmart to manage the portfolio.
“Interest in the portfolio was deep, with multiple offers to work with allowing for an execution that met all parties’ expectations,” said Cox. “The portfolio was marketed unpriced, and closed meeting our forecasted price range.”
Swerdlin said he expects to see fewer large transactions exceeding the $100 million mark in 2017, but that the overall number of transactions he thinks will rise. Together, Swerdlin and Cox brokered the transfer of 70 properties in 2016, representing a total value of $560 million.