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StorageMart Agrees to Buy New York Self-Storage Operator Manhattan Mini

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, has agreed to acquire New York-based Manhattan Mini Storage (MMS). The transaction includes all 18 MMS locations and will push StorageMart’s footprint to more than 20 million rentable square feet in more than 200,000 units worldwide, according to a press release. The deal, which is expected to close on Dec. 20, is subject to customary closing conditions.

MMS parent company Edison Properties was rumored in August to be looking for a buyer for its 3.1 million-square-foot self-storage portfolio. A report from Bloomberg speculated the business could sell for more than $3 billion. No financial terms were disclosed.

StorageMart was represented by Citigroup as financial adviser and Kirkland & Ellis LLP as legal counsel. Global real estate investment bank Eastdil Secured served as financial adviser to MMS, the release stated.

Founded in 1978, MMS offers traditional self-storage, a shuttle service, a moving concierge and valet storage. It also accepts packages on behalf of its customers. It’s owned by more than 70 stakeholders, including current and former employees, and is managed by Edison, which is a holding company, the Bloomberg report said. Edison also owns executive offices and pre-built suites, The Hippodrome office building, and The Ludlow, a luxury residential high-rise on the Lower East Side.

Founded in 1999 and based in Columbia, Mo., StorageMart is privately owned and operated by the Burnam Family, which has been in the storage industry for four generations. Its portfolio consists of more than 15 million square feet of storage.

Sources:
PR Newswire, StorageMart to Acquire Manhattan Mini Storage
Commercial Observer, StorageMart to Acquire Manhattan Mini Storage for More Than $3B

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