NKF Capital Markets Arranges Sale of Boston-Area Facility

The company’s self-storage group has brokered the sale of a 39.600-square-foot facility located in Peabody, Mass., approximately 24 miles from downtown Boston.
Stor-U-Self Storage, Peabody, Mass.

NKF Capital Markets Self Storage Group has arranged the sale of Stor-U-Self, a 39,600-square-foot storage facility in Peabody, a suburb of Boston, Mass. The company represented the Boston-based seller, R.J. Kelly Co. The storage facility traded to a private equity group.

Located at 119 Foster St., the property is near the Yankee Division Highway and Interstate 95, approximately 24 miles from downtown Boston. Around 113,000 people live within a three-mile radius, with an average household income of $64,000, according to Yardi Matrix data. Built in 1918, the storage facility occupies 1.6 acres and comprises 488 climate-controlled units ranging from 25 to 260 square feet. Self-U-Self is equipped with a gate, drive-up access and security camera. Additional services include on-site management and truck rental options.

“Interest in the facility was strong with a wide pool of potential purchasers including, owner/operators, private equity funds and public REITs,” said Kenneth Cox, executive managing director at NKF Capital Markets, in prepared remarks. “Given the facility’s strategic position between the primary commercial district, multifamily housing and several bedroom neighborhoods, the purchaser will continue to maintain high occupancies with positive rate growth.”

NKF’s Capital Markets team included Cox, Vice President Aaron Swerdlin and Vice Chairman Geoffrey Millerd.

Image courtesy of Yardi Matrix