HFF marketed the portfolio on behalf of the seller, Real Estate Technology. World Class Capital Group, LLC purchased the assets as their first self storage acquisition into the New York market.
The 94.8% occupied portfolio is comprised of a 388-unit property located at 735 and 765 South St. in Newburgh and a 241-unit facility at 1594 Rte. 9G in Hyde Park. Three buildings - two self-storage buildings and one warehouse leased to three commercial tenants - comprise the Newburgh property. The Hyde Park property includes eight buildings and a stand-alone management office. Both properties include climate and non-climate controlled units and on-site management. The buyer plans to expand the facilities to add additional units. The properties will be rebranded and managed by Great Value Storage, the firm's wholly-owned storage management platform.
The HFF self storage team representing the seller was led by director Barbara Guffey.
"The portfolio appealed to the buyer since it was stabilized with a strong cash flow stream, and offered expansion opportunities at both locations," Guffey said.
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