Storage Post Self Storage has purchased a self-storage facility in Pelham, N.Y., from Acadia Realty Trust, a publicly traded real estate investment trust. Storage Post has managed the 76,000-square-foot facility since 2010 and will continue to operate it under the Storage Post brand name.
"This profitable sales transaction not only enabled us to achieve best execution on our investment but also positions Storage Post to become the premier, private self-storage operating company in the United States," said Kenneth Bernstein, president of Acadia Realty Trust. "The current Storage Post management team, led by the exceedingly capable self-storage entrepreneur Bruce Roch Jr., has done an excellent job maximizing occupancy, growing [net operating income] and positioning the portfolio for strong internal growth going forward."
In the last two years, Storage Post has acquired 15 self-storage properties in Louisiana, New Jersey and New York. Other recent transactions in New York include newly renovated buildings in Long Island City, New Rochelle and Yonkers.
The Pelham location features climate-controlled units, 24-hour video recording, coded entry and onsite parking. The facility is the 13th asset Storage Post has closed with Acadia Realty Trust since December 2012, with one property transaction still pending.
"Our partnership with Acadia Realty Trust has been mutually beneficial, and we've enjoyed working with them to increase the efficiency and occupancy of the self-storage portfolio,” Roch said. “We're excited to grow and add to our existing locations, all while continuing to provide positive investor returns and maximum value."
Headquartered in Atlanta, Storage Post has locations along the East Coast and throughout the South, and is pursuing self-storage acquisitions.