Public Storage buys 3,596 self-storage units in NYC and Boston
An affiliate of Public Storage purchased 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 marketed the portfolio on behalf the sellers, which are affiliates of Banner Real Estate Group.
The portfolio comprises three new, institutional-quality assets in highly desirable, densely populated core urban areas with extremely high barriers to entry. The facilities were constructed in 2018 and 2019. The two New York properties are located at 5002 Second Ave. in Brooklyn, N.Y., and at 479 Fifth Ave. in New Rochelle, N.Y., and the Boston-area property is at 490 Eastern Ave. in Malden, Mass.
“This portfolio offers immediate scale in the self-storage sector, with a meaningful presence in two of the most sought-after markets in the United States,” sa