Edison Properties is working with global real estate investment bank Eastdil Secured to explore the sale of its New York City-based self-storage operation, Manhattan Mini Storage (MMS). Bolstered by increased business during the pandemic, the company could sell for more than $3 billion, according to a report from Bloomberg.
The MMS portfolio of 18 locations comprises 3.1 million square feet in 56,000 units. Its occupancy rate exceeds 95%. “The pandemic has only reinforced the importance and stability of these assets,” Jon Dario, chief operating officer for Edison, told Bloomberg.
Eastdil is ready to contact prospective buyers, which could include self-storage real estate investment trusts, sovereign wealth funds, private-equity firms and other institutional investors, according to the report.
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 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.
Yahoo Finance, Manhattan Mini Storage Explores Sale for More Than $3 Billion