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Brokerage
Posted: October 11, 2022
Cushman & Wakefield arranges sale of two REIT managed self-storage facilities
New York, NY Cushman & Wakefield has arranged the sale of two self-storage facilities totaling 111,611 s/f that are managed by a Real Estate Investment Trust (REIT). The facilities make up a two-property portfolio located in New York City’s Brooklyn and Queens boroughs.
Noah Obuchowski, Mike Mele, Robert Bloch and Luke Elliott of Cushman & Wakefield represented the seller, Kickpoint Ventures, in the transaction. Invesco Real Estate, a global real estate investment manager, acquired the portfolio in partnership with Baranof Holdings.
“The buyers, Invesco Real Estate in partnership with Baranof Holdings, were interested in adding to their Northeast portfolio and acquiring a two fully stabilized and profitable self-storage facilities. Their plan is to invest in and enhance the properties,” said Obuchowski, managing director at Cushman & Wakefield.
The two-property portfolio includes an 84,149 s/f facility at 160 John St. in Brooklyn and a 27,462 s/f facility at 3719 Crescent St. in Long Island City. Both facilities have a combined 2,651 units and are strategically located the heart of the Brooklyn and Queens boroughs, offering convenient highway and subway access along with optimal visibility through high-volume foot traffic. More than $2.6 million has also been invested in the facilities over the last several years for renovations, including elevator, unit mix, roof, cosmetic and structural improvements.
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