Storage Post Purchases 14 Facility New York City Self-Storage Portfolio
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Storage Post, an Atlanta-based self-storage company, has purchased a $249 million portfolio of self-storage facilities located in Queens, Brooklyn and the Bronx from Acadia Realty Trust, according to city public records filed late last week. The sale appears to mark Storage Post’s acquisition of Acadia’s entire self-storage portfolio, according to an Acadia press release issued in late December. Acadia said then that it had signed a firm contract to sell 14 facilities in the Greater New York area to Storage Post and an unnamed institutional investor. The entire portfolio encompasses 1.1 million square feet of rentable storage space that, as of the end of September 2012, was 92.8 percent occupied. The deals in the Bronx include the sale of 4077 Park Avenue for $9.7 million, 112 Bruckner Boulevard for $24.1 million and 301-305 West Fordham Road for $23.2 million. In Queens, 30-28 Starr Avenue traded for $38.3 million and 48-05 Metropolitan Avenue for $23.9 million. In Brooklyn, 3329 Atlantic Avenue sold for $25.7 million. The locations of the remaining eight properties were not immediately available. Storage Post’s additional properties include storage facilities in Queens, the Bronx, Brooklyn, New Hyde Park, Yonkers and two New Jersey locations. About Storage Post Headquartered in Atlanta, Georgia, Storage Post is led by experienced self storage business leader Bruce C. Roch, Jr. Bruce founded his first self storage company in 1989 with a vision of revolutionizing the self storage industry. Bruce realized and addressed a need for better facilities, quality standards and a focus on customer service – in turn creating a highly successful self storage business. Twenty-two years later, Bruce has assembled an innovative team that is once again invigorating the self storage industry. Storage industry experts have come together with technology and marketing veterans to construct an industry-leading infrastructure tailored uniquely to the needs of the next generation of self storage operations. With more than 55 years of self storage industry experience, the Storage Post executive leadership team is one of the most knowledgeable in the industry. The team’s collective contribution has resulted in the creation of industry-leading storage management systems all centered on adding value to a commodity-driven industry and producing unmatched income generation for our partners and investors. For more information, please visit: https://www.storagepost.com/]]>