U-Store-It Buys Fourth Storage Facility in New York

U-Store-It, LP, the real estate company focused on ownership, operation and acquisition of storage facilities, has acquired its second storage facility in Queens and its fourth city-wide, a deed recorded last week shows.  This brings the company’s total investments in New York to $51,150,000.

The company paid $13.6 million for 11-25 Wyckoff Avenue, a  self-storage facility owned by one of its competitors, Manhattan-based Storage Deluxe. According to Storage Deluxe‘s website, this industrial property has about 115,000 square feet and 1,500 self-storage units.

It is the third transaction between the two companies, after U-Store-It last year bought two storage facilities in Brooklyn and the Bronx from Storage Deluxe. The properties located at 391 Brooke Avenue, Bronx and 2887 Atlantic Avenue in Brooklyn were sold for a combined value of $27,500,000, our New York property records show.

The first storage facility U-Store-It bought in Queens was 122-22 Merrick Boulevard, which the company acquired in November 2010. The purchase price was $10,850,000, almost half the price that OB Companies paid for the property in January 2007.  It seems like a distressed sale as the property was purchased by an LLC in July 2010, prior to it being sold to U-Store-It. The LLC, Regus New York,  appears to be associated with Wells Fargo, the lender of the $20 million purchase of OB Companies back in 2007.

From left to right: 391 Brooke Avenue, Bronx and 2887 Atlantic Avenue, Brooklyn