03 Apr 2020
Public Storage has acquired a portfolio of three Class A self-storage properties totaling 3,596 units in the greater New York City and Boston areas.
JLL Capital Markets closed the sale. The firm’s Steve Mellon, Brian Somoza, Andrew Scandalios and Coleman Benedict marketed the portfolio on behalf of affiliates of Banner Real Estate Group. An affiliate of Public Storage purchased the assets.
The two New York properties are located at 5002 2nd Ave. in Brooklyn and at 479 5th Ave. in New Rochelle; and the Boston-area property is at 490 Eastern Ave. in Malden, MA.
“This portfolio offers immediate scale in the self storage sector with a meaningful presence in two of the most sought-after markets in the U.S.,” Mellon said. “This was an extremely rare opportunity for the buyer to place a large amount of capital in institutional-quality assets located in core, urban areas with extreme barriers to entry for new competition.”
