Cushman & Wakefield Vice Chairman Mike Mele
is working with Doug Harmon
and Adam Spies, the co-chairmen of Capital Markets for the firm, to market the portfolio on behalf of the Sponsor, SNL Development Group, a premier developer, builder and owner of self-storage facilities focused on the outer boroughs of New York. The portfolio is professionally managed by Life Storage
, a self-storage REIT that owns and manages self-storage properties throughout the United States.
The five properties in the portfolio comprise of 5,593 units and 297,394 rentable square feet and were all completed between 2017 and 2019. The properties are located in the exceptionally dense, urban submarkets of Brooklyn, Queens and the Bronx, where developable land is scarce.
The assets will be presented to the market unpriced and must be sold as a portfolio. The official launch date of October 28th will call for offers at the end of November.
“There has not been a self-storage portfolio of this quality and scale in New York City on the market in over a decade, presenting an extremely rare opportunity for all qualified investors,” said Mele. “The New York City market is still very under-supplied when it comes to self-storage. With limited competition, new laws prohibiting self-storage development and continuing demand for self-storage in New York’s outer boroughs, each of these five properties is extremely well-positioned for future success.”
Mele added, “Based on all these factors and high demand by institutional investors to add self-storage to their portfolios, I would expect this portfolio to trade for more than two hundred million dollars.”
The properties in the portfolio are:
134-31 Merrick Street, Jamaica, NY 11434
– 1,317 units
– 74,823 net rentable square feet (NRSF)
1200 McDonald Ave., Brooklyn, NY 11230
– 1,073 units
– 56,109 NRSF
1690 East New York Ave., Brooklyn, NY 11212
– 1,038 units
– 53,113 NRSF
1430 Bruckner Blvd, Bronx, NY 14073
– 842 units
– 46,623 NRSF
4139 Boston Road, Bronx, NY 10466
– 1,323 units
– 66,727 NRSF
The Self-Storage Advisory Group at Cushman & Wakefield, led by Mele, is comprised of knowledgeable advisors throughout every region of the United States who focus on capital markets investment sales for the self-storage industry.