{"id":1004142214,"date":"2016-04-19T10:07:11","date_gmt":"2016-04-19T18:07:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004142214"},"modified":"2020-04-21T03:37:23","modified_gmt":"2020-04-21T11:37:23","slug":"delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\/","title":{"rendered":"Delaware Firm Buys 2,000-Unit Self-Storage Portfolio in Metro New York"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

New York<\/strong>\u2013Marcus & Millichap<\/a>\u00a0arranged the sale of two family-run self-storage properties<\/a> located in the New York metro area. The portfolio, which is made up of the 937-unit Byram Self Storage in Port Chester, N.Y. and the 1,063-unit New Haven Self Storage in New Haven, Conn., sold for a combined $25 million, which equates to more than $218 per square foot.<\/p>\n

\"Byram<\/a>

Byram Self Storage<\/p><\/div>\n

\u201cThese assets are high-quality self-storage facilities situated within densely populated submarkets with high barriers to entry,\u201d Kevin Menendez, an associate in Marcus & Millichap<\/a>\u2019s National Self Storage Group<\/a> (NSSG), said in prepared remarks. \u201cThe acquisition gives the new owner a pair of well-maintained, cash-flowing facilities with opportunities for value enhancement through lease-up and expansion.\u201d<\/p>\n

The seller, a Delaware limited-liability company, was represented in the transaction by Menendez and Michael Mele, a senior director of the NSSG. The team also procured the buyer, a privately held company based in Santa Monica, Calif.<\/p>\n

Both facilities are located just off Interstate 95, approximately 50 miles from each other. More than 262,600 people live within a five-mile radius of New Haven Self Storage, while the population living within a five-mile radius of Byram Self Storage exceeds 134,000 residents. Another advantage of the Byram location is that the area\u2019s median household income is about $98,335, which is nearly double the national average.<\/p>\n

\u201cThese properties had been in the seller\u2019s family for generations but after careful consideration they realized the time was right to put them on the market,\u201d added Mele. \u201cWe are seeing this more recently with smaller, family run, self-storage operators. Increased competition from national players and record prices make now the perfect time for smaller operations to cash in.\u201d<\/p>\n

J.D. Parker, senior vice president in Marcus & Millichap\u2019s Manhattan office, is the firm\u2019s broker of record in New York and Connecticut.<\/p>\n

Image courtesy of Byram Self Storage<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A 2,000-unit self-storage portfolio made up of two facilities in Port Chester, N.Y., and New Haven, Conn., changed hands for a total of $25 million, or more than $218 per square foot.<\/p>\n","protected":false},"author":260,"featured_media":1004142215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1600,21742,10],"tags":[],"class_list":["post-1004142214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"\nDelaware Firm Buys 2,000-Unit Self-Storage Portfolio in Metro New York - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Delaware Firm Buys 2,000-Unit Self-Storage Portfolio in Metro New York\" \/>\n<meta property=\"og:description\" content=\"A 2,000-unit self-storage portfolio made up of two facilities in Port Chester, N.Y., and New Haven, Conn., changed hands for a total of $25 million, or more than $218 per square foot.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-19T18:07:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-21T11:37:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Byram-Self-Storage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"528\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Delaware Firm Buys 2,000-Unit Self-Storage Portfolio in Metro New York\",\"datePublished\":\"2016-04-19T18:07:11+00:00\",\"dateModified\":\"2020-04-21T11:37:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\\\/\"},\"wordCount\":331,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/04\\\/Byram-Self-Storage.jpg\",\"articleSection\":[\"Deals\",\"New York\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/delaware-firm-buys-2000-unit-self-storage-portfolio-in-metro-new-york\\\/\",\"name\":\"Delaware Firm Buys 2,000-Unit Self-Storage Portfolio in Metro New York - 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