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Public Storage Snags Portfolio in NYC, Boston Metros

JLL Capital Markets closed the sale of a portfolio of three Class A self-storage properties totaling 3,596 units in the greater New York City and Boston areas. The firm’s Steve Mellon, Brian Somoza, Andrew Scandalios and Coleman Benedict marketed the portfolio on behalf of affiliates of Banner Real Estate Group. An affiliate of Public Storage purchased the assets.

The two New York properties are located at 5002 2nd Ave. in Brooklyn and at 479 5th Ave. in New Rochelle; and the Boston-area property is at 490 Eastern Ave. in Malden, MA.

“This portfolio offers immediate scale in the self-storage sector with a meaningful presence in two of the most sought-after markets in the U.S.,” Mellon said. “This was an extremely rare opportunity for the buyer to place a large amount of capital in institutional-quality assets located in core, urban areas with extreme barriers to entry for new competition.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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