The self-storage company StorageMart has acquired a portfolio of 15 self-storage properties across New York City encompassing approximately 1.3 million net rentable square feet with 25,498 storage units and 121 parking spaces.
The financial terms of the deal were not disclosed. StorageMart, operating as Manhattan Mini Storage, now spans 51 locations in the greater New York City metropolitan area, totaling more than 4 million net rentable square feet. The newly acquired portfolio features properties in four of the city’s five boroughs – only Staten Island was absent from the transaction.
With this acquisition, the privately-owned StorageMart will bring its total portfolio to approximately 354 locations across three countries and will surpass $10 billion in assets under management.
“This acquisition reinforces our long-term commitment to New York City and our confidence in both the strength of the self-storage sector and the city’s enduring demand fundamentals,” said Alex Burnam, StorageMart’s senior vice president of real estate acquisitions. “We’re proud to expand the Manhattan Mini Storage brand and continue setting the pace for innovation and growth in the industry.”
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