Storage Deluxe, a Manhattan-based self-storage owner and developer, has acquired a Storage Quarters facility in Flushing, Queens, N.Y., for $27 million. The property at 31-40 Whitestone Expressway comprises 110,000 square feet of storage space. It’ll be managed by self-storage real estate investment trust CubeSmart and branded under its name.
Plans are underway to refurbish the existing building and construct a new 57,000-square-foot adjacent structure. Upon completion, the property will contain 167,000 square feet of storage space in more than 2,000 units, according to a press release.
Storage Deluxe currently owns six storage facilities in the Queens market, including one in the College Point neighborhood. The properties total more than 700,000 square feet in 10,000 units, the release stated. In 2012, the company converted an existing structure in Flushing into a seven-story, mixed-use property comprising 198,000 square feet of storage space. The facility at 41-06 Delong St. also includes 38,000 square feet of retail/industrial flex space on the ground floor.
In April the operator opened another mixed-use project, this time in Bronx, N.Y. The 2-acre site contains 104,000 square feet of storage space in 1,900 units as well as 24,000 square feet of ground-floor retail space.
Founded in 1998, Storage Deluxe has developed 46 projects totaling approximately 5 million square feet, including 42 self-storage facilities, three art-storage facilities, 58,000 square feet of retail, and an exotic car-storage property.
In 2011, the company sold 22 of its New York storage facilities to CubeSmart for more than $560 million. At the time, it also transitioned day-to-day management of its remaining properties to CubeSmart. Storage Deluxe has remained active in the New York Metro area since the portfolio sale, completing 19 acquisitions, and the company is aggressively seeking new development and acquisition opportunities.
Founded in 1988, Storage Quarters operates a facility in Garden City, N.Y. In addition to self-storage, the property provides document storage and destruction, records management, and on-demand storage with pickup and delivery services.