Storage Post Self Storage has acquired a 160,000-square-foot facility in New York’s Bronx. Wildflower sold the 2019-built property for $64 million, with JP Morgan Chase securing $28 million in acquisition financing, the Commercial Observer reported.
Spanning 2.1 acres, the facility encompasses climate-controlled units, ranging from 25 to 250 square feet with motion sensor lighting, security features, an onsite manager and a multi-bay interior loading area.
Located at 3350 Park Ave., in the Morrisania neighborhood, the asset is one of the 56 facilities within a 3-mile radius, offering residents 3 net rentable square feet per capita, significantly below the 6.9 national average.
New York remains an underpenetrated market, despite leading the national development pipeline, with projects under construction or in the planning stages accounting for 18.6 percent of existing inventory, as of January. There is currently one property under construction in the area, which will add 64,272 square feet of storage space to the existing inventory, Yardi Matrix data shows.
Due to the strong demographics in the area, with more than 1.4 million people living and working in the Bronx, the facility proved to be a strong investment option and aligns with the company’s expansion plan in metro New York, Director of Acquisitions Jack Giannola said in prepared remarks.
Last week, the company added a 92,470-square-foot Manhattan property to its portfolio, which now includes more than 3 million square feet of storage space across the Northeast and the South.