Storage Ventures has tripled its holdings in the Northeast US by adding a 285,000sqft self-storage portfolio to its real estate assets.
Storage Ventures said it has acquired a five-asset 273,000sqft portfolio along with a 12,000sqft retail centre in Watertown and Evans Mills, New York.
Storage Ventures said the transaction, which was supported in part by an investment from NYSE-listed SmartStop Self Storage REIT, lifts the size of the firm’s existing portfolio to nine assets across New York, New Hampshire and Massachusetts.
Financial details were undisclosed.
Douglas Lee, founder of Storage Ventures, said: “This acquisition marks a pivotal moment in Storage Ventures’ evolution and reflects our team’s commitment to identifying uniquely attractive assets in strategic markets and unlocking value through disciplined execution.
“These properties are well positioned to serve the Watertown community due to their close proximity to population centres and array of configurations, and our planned operational initiatives are expected to unlock incremental value.”
Lee added that the self storage sector remains highly fragmented, creating “opportunities for vertically integrated, institutional-oriented platforms like ours to enhance storage offerings for customers while unlocking value for investors”.
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