NYC Self Storage Convent LLC Buys West Harlem, NY, Facility for $48M

<p>An unidentified firm tied with an entity of NYC Self Storage Convent LLC has purchased a facility in West Harlem, N.Y., for $48 million. The property was previously managed by Extra Space Storage Inc., a publicly traded self-storage real estate investment trust and third-party management firm. The seller was LSC Development LLC, an affiliate of California-based self-storage operator LifeStorage LP.</p>

An unidentified firm tied with an entity of NYC Self Storage Convent LLC has purchased a facility in West Harlem, N.Y., for $48 million. The property was previously managed by Extra Space Storage Inc., a publicly traded self-storage real estate investment trust and third-party management firm. The seller was LSC Development LLC, an affiliate of California-based self-storage operator LifeStorage LP.

LSC Development purchased the vacant warehouse at 38-42 Convent Ave. in 2013 for $13.3 million and converted it to self-storage, according to the source. The two-story building comprises 88,000 square feet of storage space.

Headquartered in Salt Lake City, Extra Space owns or operates 1,347 self-storage properties in 36 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 900,000 units and 101 million square feet of rentable space.

Founded in 2011, LifeStorage is headquartered in Roseville, Calif. It owns, has under purchase agreement or operates more than 80 self-storage properties in nine states, with a heavy concentration in the Chicagoland area.

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