Invesco Real Estate has acquired a 74,452-rentable-square-foot facility in Brooklyn, New York, according to The Commercial Observer. Kings County records shows that the previous owner, a private individual, sold the asset for $43.6 million. The property last traded in 2007, when it was purchased for $10.8 million from Extra Space Storage, according to Yardi Matrix data.
Recently, Invesco made another investment with the acquisition of two self storage portfolios, totaling 2,021 units in Bend, Ore., and Clarksville, Tenn. The company paid $42 million for the assets.
Completed in 1993, the Brooklyn 10-story facility is located on 0.4 acres and encompasses units ranging from 12 to 459 square feet. On-site facilities include loading dock, security features, moving carts for heavy items, multiple entrance gates, on-site office and climate control.
The property is located at 160 John St., in Vinegar Hill Brooklyn, close to Interstate 278 and less than 10 miles from Manhattan. The asset is one of the 37 self storage facilities within a 3-mile radius and offers residents 2.69 rentable square footage per capita.
New York’s self storage market
Yardi Matrix data shows that, as of July, four properties traded year-to-date in Brooklyn. There are 89 storage facilities in the borough, totaling 6.6 million rentable square feet, with an additional four properties in the development stages.
Metro New York has more than twice as much upcoming new supply as any other U.S. market, with the area’s pipeline representing 19.2 percent of inventory as of June, compared to a 10 percent national rate, according to the same data provider.