Private equity firm The Carlyle Group has expanded its real estate portfolio with the acquisition of four self-storage facilities in the outer boroughs of New York City. The facilities, located in Queens and Brooklyn, were purchased for a total of $110.4 million from Safe N Lock Self Storage, which developed them between 2018 and 2020. The properties are currently managed by Life Storage.
The largest individual sale was the facility at 87-16 121st Street in Richmond, Queens, which was sold for $50.3 million. The other three facilities are located at 145 18th Street in South Slope, 651 Utica Avenue, and 1690 East New York Avenue, both in Brownsville, Brooklyn.
The deal was brokered by Mike Mele of Cushman & Wakefield, who has been marketing the properties since 2019. Safe N Lock has developed at least 25 self-storage facilities in the outer boroughs since 2012. However, the company has faced legal issues with some investors, including Equity Resource Investment, who sued Safe N Lock for allegedly cheating them out of profits and misappropriating funds.
Carlyle has been actively acquiring self-storage properties globally, including a facility in Long Island City for $80 million in 2022 and developing one in Crown Heights.
Read more:ConnectCRE
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