Roslindale Self Storage Sold to The Grossman Companies
- Mar 30, 2015
A family-owned real estate company expanded its self-storage portfolio in Boston with the acquisition of a 44,000-square-foot property in Roslindale, one of the city’s primarily residential neighborhoods.
Quincy-based The Grossman Companies, Inc. recently paid $8.8 million for Roslindale Self Storage. According to a statement from the buyer, the acquisition was backed by a $6.4 million loan from Brookline Bank.
Located at 34-44 Lochdale Road and 48-99 Mahler Rd. off Washington St., Roslindale Self Storage sits on a 1.34-acre parcel close to the Arnold Arboretum of Harvard University. PropertyShark data shows that the site was previously owned by James C. Dow of Northeastern Realty Trust, who acquired the site in 1995 for $330,000.
Roslindale Self Storage consists of 366, climate controlled storage units with monthly rents starting at $109, according to the warehouse’s website. The facility also includes 17,000 square feet of commercial space fully occupied by two tenants—Autoparts International and Cataldo Ambulance—, as well as 55 paved parking spaces adjacent to the building. Roslindale Self Storage also features free Wi-Fi, drive-up access, on-site packing supplies and an online payment system for monthly bills.
“We have been pursuing urban self-storage property for the last few years and are excited about this opportunity in Roslindale which is a densely populated, under-supplied market,” said David Grossman, Co-President of The Grossman Companies. “The asset has historically been fully occupied and its stable cash flow is extremely attractive; however, we are optimistic that we will be able to create significant value in the medium- and long-term,” he added. Storage Asset Management of York, PA, was selected to manage the property on behalf of the new owner.
Photos courtesy of The Grossman Companies