Newmark Arranges Sale of 16-Property Self-Storage Portfolio in New England
Newmark has brokered the sale of a 16-property self-storage portfolio in New England. The sales price was not disclosed. The portfolio consists of more than 850,000 square feet across Massachusetts, Connecticut and Rhode Island.
Aaron Swerdlin and Kenneth Cox of Newmark represented the seller, Storage Pros, in the transaction. The portfolio was acquired by vertically integrated private equity real estate investment firm SROA Capital. The acquisition kicks off the firm’s first investment into SROA’s 8th dedicated self-storage fund SROA Capital Fund VIII LP and will be managed under its brand Storage Rentals of America (SROA).
“This transaction presented a rare opportunity to establish mass in the New England self-storage market in one transaction,” said Newmark’s Cox. “When combined with heightened interest in the storage sector as it fundamentally outperforms other real estate sectors, the sale garnered significant interest from all types of capital deploying into the space and resulted in a successful outcome for our client.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.