Cushman & Wakefield’s National Self-Storage Team has arranged the sale of a 541-unit, 58,500-square-foot self-storage property in New York. The facility is centrally located within the densely populated residential corridor of Deer Park, a major suburb of Long Island.
Cushman & Wakefield Vice Chairman Mike Mele, Executive Managing Director Luke Elliott, Senior Director Robert Bloch and Senior Associate Noah Obuchowski represented the seller, 4 Storage, LLC, in the disposition. The buyer is an undisclosed private equity group.
At 541 Acorn St., the facility sits on 2.9 acres and comprises 10 one- and two-story, steel construction buildings that were completed between 2000 and 2003. The property features large cargo lifts for second-floor access, a large solar panel system, state-of-the-art security cameras and an electronic entry gate. It was also recently upgraded with new asphalt paving, HVAC improvements and solar energy fans. The property was 83% occupied at the time of sale.
The facility’s location within the affluent Deer Park submarket provides access to more than 103,000 residents with a median household income of $123,274 in a 3-mile radius. Further, the property is within a mile of County Road 2, a major roadway with a sustained traffic count of over 18,000 vehicles daily.
"Our ability to successfully close this deal on time and at the contract price is a true testament to both the buyer and the seller's persistence, experience and ability to solve problems creatively," said Mele. "Quality self-storage product remains in high demand from motivated, well-capitalized buyers, and this deal serves as evidence of that."
Susan Petrone, Owner and Principal of 4 Storage, LLC, added, “There were a number of factors that made this deal challenging, on both sides. We are very appreciative of the Cushman & Wakefield team for making it happen and being a trusted partner at every step in this process.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com
