Public Storage Purchases New York, Boston Portfolio
March 26, 2020
Banner Real Estate Group sold three properties which comprise nearly 3,600 units.
5002 Second Ave.
Public Storage has acquired a three-property self storage portfolio totaling 3,596 units in New York and Boston. JLL Capital Markets assisted the seller, Banner Real Estate Group.
The transaction included:
- a 139,300-square-foot building located on a 1-acre parcel at 5002 Second Ave. in Brooklyn, near Interstate 278. Public records show the property, which came online in 2018, changed hands for $48.8 million.
- a three-story New York structure completed last year and situated on 1 acre at 479 Fifth Ave. in New Rochelle, close to Interstate 95.
- a facility located at 490 Eastern Ave. in Malden, Mass., some 6 miles from downtown Boston. The buyer paid $26 million to acquire the 125,388-square-foot property.
The JLL brokerage team that facilitated the transaction included Managing Directors Steve Mellon and Brian Somoza, as well as Senior Managing Directors Andrew Scandalios and Coleman Benedict. Last year, Mellon and Somoza negotiated the sale of a nine-property portfolio totaling 4,835 units in several Texas markets, on behalf of Locktite Storage.
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