By Mihaela Coste
New York—NGKF Capital Markets closed the sale of a 13-property self-storage portfolio across four New England states, on behalf of Casey Storage Solutions. Vice Chairman Aron Swerdlin and Executive Managing Director Kenneth Cox headed the NGKF Capital Markets team representing the seller. The properties were acquired by a joint venture led by an institutional investment firm and will be managed by a publicly traded REIT.
The portfolio encompasses more than 700,000 square feet and includes 5,800 units, as well as roughly 25,000 square feet of RV/vehicle parking. Five of the properties are located in Massachusetts, three in Connecticut, two in Rhode Island and three throughout the Connecticut River Valley (two in Vermont and one in Massachusetts).
In the past four weeks, Swerdlin and Cox sold 22 properties, totaling more than $121 million. “This transaction is an excellent example of well located, institutional quality assets generating extensive interest, despite expectations for an adjustment year in 2017,” said Swerdlin in a prepared statement. “A nearly $100 million transaction closing in the last days of the year is on par with previous year-end closing sprints (…) While we expect to see fewer $100+ million transactions than in recent years, I believe the number of deals completed will be greater than in 2016.”
Image courtesy of NGKF Capital Markets