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Davis Divests Two Boston-Area Self-Storage Properties to Invesco JV
The Davis Companies closed on the disposition of two self-storage facilities operated by Extra Space Storage, located at 235 N. Beacon St. in Boston and 970 Fellsway in Medford, MA, respectively. The properties were sold to a joint venture between Invesco Real Estate and Baranof Holdings for an undisclosed price.
The property at 235 N. Beacon is a 47,769-square-foot storage facility in Boston’s Brighton neighborhood. Davis acquired the asset in April 2018 and completed capital improvements that included an increase in unit count from 435 to 491. Davis acquired the 80,995-square-foot Medford property in 2019 and added 297 units to its capacity, which now totals 922.
“The Greater Boston self-storage market continues to see high demand for well-located facilities with established operating performance,” said Kenneth Cox, vice chairman at Newmark, who advised on the disposition alongside Newmark’s Self Storage Capital Markets team. “Both assets attracted interest due to their location, scale and completed capital programs, providing a strong foundation for future ownership.”
