
Invesco Partnership Acquires NYC Self-Storage Portfolio
Cushman & Wakefield arranged the sale of two REIT-managed New York City self-storage facilities totaling 111,611 square feet to a partnership of Invesco Real Estate and Baranof Holdings. Terms of the sale weren’t disclosed.
Noah Obuchowski, Mike Mele, Robert Bloch, and Luke Elliott of Cushman & Wakefield represented the seller, Kickpoint Ventures. The buyers “were interested in adding to their Northeast portfolio and acquiring two fully stabilized and profitable self-storage facilities,” said Obuchowski, managing director at Cushman & Wakefield. “Their plan is to invest in and enhance the properties,”
The two-property portfolio includes an 84,149-square-foot facility at 160 John St. in Brooklyn and a 27,462-square-foot facility at 3719 Crescent St. in Long Island City. More than $2.6 million has been invested in the two centrally located facilities over the past several years for renovations, including elevator, unit mix, roof, cosmetic, and structural improvements.
- ◦Sale/Acquisition