StorageBlue has garnered $69 million of first-mortgage financing to buy a three-asset self-storage portfolio in the New York City metro area, with Cooper Horowitz’s Richard Horowitz and Justin Horowitz representing Storage Blue.
The properties are located at:
- 330 Tompkins Avenue on Staten Island, NY (below)
- 290 Route 36 East in Long Branch, NJ
- 268 Cliffwood Avenue in Cliffwood, NJ
StorageBlue will do a renovation on the properties, which have 317,689 in rentable square feet spread across 4,276 units.
Union Labor Life Insurance Co. handled the first-mortgage loan for Alan Muvka’s StorageBlue. Herb Kolben and Kevin Smith of ULLICO worked the transaction. Solaris Capital also provided $14.3 million in preferred equity, with Anthony Manno overseeing the deal. Neptune Capital Partners put in $13 million of additional investor capital in a deal arranged by Christopher Zizza and Salvatore Zizza. Source: Commercial Observer
Life Storage spent $23.39 million to purchase a self-storage facility west of Lake Worth Beach in South Florida. Burlington Self Storage of Lake Worth LLC sold the 140,458-square-foot self-storage facility at 4859 Lantana Road to Life Storage, based in Buffalo, NY. The price equated to $166 per square foot. Life Storage bought six self-storage facilities in the region in 2021. Source: South Florida Business Journal
Cushman & Wakefield announced that Frederick Pike Holdings bought a 21,322-square-foot retail building and a 27,000-square-foot self-storage facility from Winchester Capital Group Inc. as an investment for $3,943,700 at 118 Fairfax Pike in Stephens City, VA. James A. Scully of Cushman & Wakefield | Thalhimer handled negotiations for the seller. Source: Virginia Business
Matthews Real Estate Investment Services of 81 North Mini Storage closed a record deal of a $3.24 million closing at 3508 Hopewell Road in Anderson, SC. The property sits on 7-plus acres of land, with 31,500 square feet spread around 300 units. Source: Matthews Real Estate Investment Services
