An unidentified joint venture has acquired the Casey Storage Solutions portfolio of 13 self-storage facilities across four New England states. The deal includes six properties in Massachusetts, three in Connecticut, two in Rhode Island and two in Vermont. Together they comprise 700,000 square feet in 5,800 units and 25,000 square feet of vehicle parking, according to a press release from NGKF Capital Markets, the commercial real estate advisory firm that represented the seller.
The assets were purchased for nearly $100 million and will be managed by a publicly traded real estate investment trust, the release stated.
The NGKF Capital Markets representatives who worked on the deal include Kenneth Cox, executive managing director, and Aaron Swerdlin, vice chairman. The company expects self-storage buying and selling volume in 2017 to surpass last year, though the number of large transactions may be reduced. "Deal activity in the storage industry will remain strong in 2017," Swerdlin said. "While we expect to see fewer $100 million-plus transactions than in recent years, I believe the number of deals completed will be greater than in 2016."
Swerdlin and Cox completed more than $560 million in transaction value in 2016, representing more than 70 properties in 11 states, the release stated.
NGKF Capital Markets is a group within commercial real estate advisory firm Newmark Grubb Knight Frank (NGKF). NGKF offers investment sales, transaction management, debt placement, proprietary lending, and appraisal and valuation advisory services. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 14,000 professionals, operating from more than 400 offices on six continents.