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Manhattan Mini Storage Trades for Reported $3 Billion
StorageMart, headquartered in Columbia, MO, said Friday it had agreed to acquire Manhattan Mini Storage (MMS) from Edison Properties. Although the purchase price wasn’t closed, published reports put it at $3 billion.
The purchase of MMS includes the entirety of the company’s 18 self-storage real estate locations throughout Manhattan. Locally, StorageMart already operates two facilities in Brooklyn.
Citigroup served as the exclusive financial advisor to StorageMart. Kirkland & Ellis LLP served as legal counsel to StorageMart. Eastdil Secured served as the exclusive financial advisor to MMS.
Following the acquisition, StorageMart’s portfolio in the U.S., U.K. and Canada will exceed 20 million net rentable square feet of storage and more than 200,000 storage units worldwide.
Bloomberg News reported in August that Edison Properties was exploring a sale of its MMS business and had hired Eastdil Secured to market the portfolio.
Pictured: The Manhattan Mini Storage location at 420 E. 62nd St.
- ◦Sale/Acquisition