Storage Post Buys 27th New York Facility
The company acquired a newly completed asset in Staten Island, N.Y.
600 Richmond Terrace. Image courtesy of Storage Post
Storage Post Self Storage has acquired Storage Post-North Shore Staten Island, a 148,000-square-foot facility in Staten Island, N.Y. Abington Square Partners sold the facility, Yardi Matrix data shows.
MJ Partners Real Estate Services represented the buyer for the firm’s seventh investment since the beginning of the year and the first one in Staten Island.
The newly completed facility offers climate-controlled units that vary from 15 to 200 square feet. Property amenities include indoor loading bays, motion-activated LED lighting, boxes, packing and moving supplies, elevators and energy-efficient building management systems.
Located at 600 Richmond Terrace, in an underpenetrated market, the facility is one of the seven assets available within a 3-mile radius, offering residents 3.1 net rentable square feet per capita, less than half of the 7 national average. There are four developments underway in Staten Island that will add 657,080 square feet to the existing inventory, Yardi Matrix data shows.
Despite moderate rent increases over the past few months, development activity remained strong in New York. Projects under construction or in the planning stages accounted for 18.6 percent in February, up 30 basis points over the previous month, Yardi Matrix shows. New deliveries across Brooklyn and Queens are expected to be absorbed quickly.
Storage Post plans to acquire multiple facilities across New York. Just at the beginning of the month, the company bought a four-property portfolio across the metro, totaling some 370,000 square feet, from Harrison Street.
