American Self Storage sold one of its self-storage facilities in New York to Public Storage for $17 million, which represented a 5 percent cap rate. The facility is on Southern Boulevard in the Bronx.
Jack Giannola, regional acquisition manager, and Richard P. Monteforte, American Self Storage chief operating officer, oversaw the transaction. John Mercadante served as the in-house legal counsel for American Self Storage.
In the next two years, American Self Storage plans to acquire existing facilities with 75,000 square feet or greater in well-situated urban and suburban markets.
Headquartered in Tinton Falls, N.J., American Self Storage operates 12 self-storage facilities in New York and New Jersey totaling 1.2 million square feet.Public Storage is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. Headquartered in Glendale, Calif., the company has interests in 2,052 self-storage facilities in 38 states with approximately 130 million net rentable square feet in the United States, and 189 storage facilities in seven Western European nations operating under the Shurgard brand.