Four Storage Group Sells Long Island Facility
- Apr 09, 2020
Four Storage Group has sold a 541-unit, 58,500-square-foot self storage property in Long Island, N.Y., to a private equity group. Cushman & Wakefield assisted the seller in the transaction. At the time of closing, the facility was 83 percent occupied. The asset had last traded for $5.3 million in 2005, according to public records.
Completed between 2000 and 2003, the 10-building property is located on 3 acres at 541 Acorn St. The facility provides drive-up access and climate-controlled units and features solar panels, cargo elevators and video surveillance. Additionally, the seller executed renovations at the property, including new asphalt paving and HVAC upgrades. The facility is situated in the Deer Park neighborhood and there are 103,000 inhabitants earning a median household income of roughly $123,274 within 3 miles of the property, according to Cushman & Wakefield data.
The team that brokered the deal included Vice Chairman Mike Mele, Executive Managing Director Luke Elliott, Senior Director Robert Bloch and Senior Associate Noah Obuchowski. In March, the same team arranged the $13 million sale of Chester Heights Self Storage, a 79,700-square-foot facility in Glen Mills, Pa.