American Self-Storage, an affiliate of American Real Estate Management, has signed a deal to lease 90,000 square feet of space at 1351 and 1339 Jerome Ave. in the Mount Eden section of the Bronx, New York. The company plans to convert the industrial building to a storage facility, which has high ceilings and multiple entrances and loading docks. It will also take possession of an additional 18,000 square feet of parking on the property.
The conversion should take around six months, according to brokers affiliated with the deal.
The five-year triple-net deal—in which the tenant pays the net taxes, insurance and maintenance—commanded an asking rent of $7 per square foot and includes an option to buy, according to Dmitri Gourianov, a broker with Kalmon Dolgin Affiliates who represented the property owner in the transaction. The asking price for the property was $10.5 million.
American Self-Storage has multiple locations in New Jersey and New York.
Gourianov was assisted in the transaction by Grant Dolgin, also of Kalmon Dolgin Affiliates. The tenant was represented by Ivan Diaz of Manhattan Brokerage Consultants.