(Bloomberg)—Edison Properties is working with Eastdil Secured to explore the sale of Manhattan Mini Storage, a business that has boomed in the pandemic.
Manhattan Mini Storage’s portfolio spans 56,000 units, or 3.1 million square feet, and its occupancy rate currently exceeds 95%, people with knowledge of the matter said. Founded in 1978, the company is estimated to have the largest market share of any storage provider in Manhattan, the people added.
The company could fetch more than $3 billion, one of the people said.
“The pandemic has only reinforced the importance and stability of these assets,” Jon Dario, chief operating officer of Edison Properties, said in an emailed statement.
Manhattan Mini Storage provides services to more than 150,000 New Yorkers each year at its 18 locations, all situated in Manhattan. The company “plays a critical role in the life of the space-starved New Yorker,” Roy March, CEO of Eastdil, said in an interview.
Eastdil is set to begin contacting qualified and prospective buyers including storage-focused real estate investment trusts, sovereign wealth funds and other institutional investors such as property-focused private equity firms, according to people with knowledge of the matter.
Manhattan Mini Storage is owned by more than 70 stakeholders including current and former employees, and is managed by Edison Properties, a holding company co-founded by the late Jerry Gottesman.
Demand for self-storage increased in the pandemic, while investors shifting away from malls and offices have targeted real estate assets perceived to provide resilient, stable returns -- including storage, student housing and data centers.
Earlier this year, Public Storage agreed to acquire EzStorage for $1.8 billion, some four months after the family-owned business began exploring a transaction. Last fall, Blackstone Real Estate Income Trust Inc. agreed to buy Simply Self Storage from Brookfield Asset Management Inc. for about $1.2 billion.
© 2021 Bloomberg L.P.
To Find More Information, Go To Saubio Digital And Look Up Any Topic
Right now our hottest product is - a revolutionary article rewriting software. It's amazingly popular with Internet Marketers, and some content marketers.
This means, you take one article, and you use the article distribution system. It will generate thousands of unique versions of your article, and publish those unique articles to hundreds of websites that are related to your niche.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
Colon Cleanse Reviews
Weight Loss Ebook Reviews
Dating and Romance Ebook Reviews