Storage Ventures Buys New York Portfolio
The deal tripled the company’s self storage footprint in the Northeast.
Storage Ventures has acquired a five-asset, 273,000-square-foot self storage portfolio in New York state, in Watertown and Evans Mills. The company also purchased a 12,000-square-foot retail center in Evans Mills, dubbed White Pines Plaza.
SmartStop Self Storage REIT is an equity partner in this deal. Earlier this year, the investment trust bought a self storage portfolio totaling 227,700 net rentable square feet. The facilities are also located in the Northeast, in Clifton and Hillside, N.J.
The deal brought Storage Ventures’ northeastern self storage footprint to nine properties across New York, New Hampshire and Massachusetts. Its inventory also includes Western Mass Storage Solutions, an almost 50,000-square-foot building.
A northeastern self storage collection
The Evans Mills facilities are at 29777 Gardnerville Road, and 26050 and 26000 U.S. Route 11, while the Watertown properties are at 24452 N.Y. Route 283, 24561 N.Y. Route 37 and 632 Water St. All five self storage buildings are just off or near major thoroughfares, including interstates 81 and 781, as well as New York State routes 3 and 12.
The building on Gardnerville Road features RV storage, as well as drive-up units ranging between 25 and 4,000 square feet. Located 2 miles from Evans Mills’ city center, the property also has climate-controlled units.
As of September, the average overall advertised street rate rose 0.9 percent year-over-year, to $16.80 per square foot, according to the latest Yardi Matrix report. The increase marks the first uptick after nearly three years of declines, signaling a potential shift in self storage industry trends.
