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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.”
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- ◦Sale/Acquisition
