A partnership led by StorageMart, which operates more than 350 self-storage properties across Canada, the United Kingdom and the United States, acquired 15 facilities in New York City from Washington-based investment manager Carlyle Group for $1.03 billion. It’s the second-largest self-storage transaction in the city’s history, following StorageMart’s purchase of Manhattan Mini Storage in 2021, according to a press release.
The portfolio includes locations in Brookyln, Manhattan, Queens and Staten Island. It totals approximately 1.3 million net rentable square feet in 25,498 storage units and 121 vehicle-storage spaces. The sites will operate as Manhattan Mini Storage, which now has 51 locations totaling more than 4 million net rentable square feet, the release stated.
“This acquisition reinforces our long-term commitment to New York City and our confidence in both the strength of the self-storage sector and the city’s enduring demand fundamentals,” said Alex Burnam, senior vice president of real estate acquisitions for StorageMart. “We’re proud to expand the Manhattan Mini Storage brand and continue setting the pace for innovation and growth in the industry.”
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The deal was brokered by Eastdil Secured, a commercial real estate agency based in Newport Beach, California. That firm also facilitated the Manhattan Mini acquisition.
Founded in 1973 and based in Columbia, Missouri, StorageMart has a portfolio valued at more than $10 billion. It comprises more than 32 million square feet in 345,000 units worldwide.
Carlyle deploys private capital across four business segments: corporate private equity, global credit, investment solutions and real assets. With more than $453 billion of assets under management, it employs more than 2,300 people in 29 offices across four continents. Its self-storage portfolio has a value of $110 million.
Sources: Business Insider, StorageMart Acquires 1.3 Million Rentable Square Feet in the Second-Largest Self Storage Transaction in New York City HistoryNew York Business Journal, StorageMart Pays $1.03B to Acquire 15 New York City Self-Storage Facilities
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