Tuesday, September 21, 2010

HFF closes sale of two-property New York self storage portfolio on behalf of Storage Deluxe

HOUSTON, TX The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of two self storage facilities totaling 2,204 units in Brooklyn and Bronx, New York.
HFF senior managing director Aaron Swerdlin,(middle right photo)  managing director Doug McCarron (lower left photo) and associate director Barbara Guffey led the investment sales team exclusively on behalf of the seller, Storage Deluxe.  U-Stor-It was the purchaser of the two properties, which were sold free and clear of debt for an undisclosed price.
The portfolio totals approximately 114,452 square feet of self storage space and 15,530 square feet of retail and bulk warehouse space.   Individual property details are listed below:
395 Brook Avenue
, Bronx,   67,162  (Self Storage), 3,370 (Retail) 1,343
2887 Atlantic Avenue
, Brooklyn , 47,290  (Self Storage) 12,160  (Leased to Moving Co.) 861

 “This portfolio was an exceptional opportunity for an operator to expand a New York City presence.  Given that the properties were located in the boroughs and due to Storage Deluxe’s strong reputation we had very strong interest in the offering and we are very pleased with the outcome.  U-Store-It was an excellent buyer and performed extremely fast,” said Swerdlin.  

Storage Deluxe is a real estate company specializing in the acquisition, development and management of self-storage properties. The company owns, has interests in, and manages twenty-nine facilities containing over 3 million square feet of storage space. For more information, visit their website at www.storagedeluxe.comThe law firm of Cohen and Perfetto (http://www.cpllplaw.com/) represented Storage Deluxe’s legal interests in the transaction.
U-Store-It (NYSE: YSI) is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States.  The company owns, has interests in, and manages 483 facilities containing over 31.5 million square feet of storage space.  For more information, visit their website at www.u-store-it.com.


 Aaron A. Swerdlin,  HFF Senior Managing Director , (713) 852-3500, aswerdlin@hfflp.com

 Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com


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