Cayre Investments LLC, which operates the Treasure Island Storage brand in New Jersey and New York, recently acquired property in Glendale, N.Y., on which it intends to develop a 100,000-square-foot self-storage facility. The project at 79-40 Cooper Ave. in Queens may also include a retail component, according to the company.
The entire property sold for $9.18 million to two different buyers, with Cayre Investments paying about $7 million for its portion, according to the source. The company’s deal includes all of the holdings along Cooper Avenue, a vacant piece of land, and an industrial building that had been used by deli processor Hansel ‘n Gretel Brand until last year, the source reported. Hansel ‘n Gretel had been on the site for 140 years.
The rest of the property, including a parking lot and two residential structures, was purchased by an adjacent landowner for about $2.2 million, according to the source. Brokerage firm Avison Young Inc. represented Cayre Investments and Hansel ‘n Gretel in the deal.
“With market fundamentals remaining strong, we continue to see a great deal of investment activity across Queens,” said Jason Meister, vice president of Avison Young’s Capital Markets Group. “Over the last few years, self-storage has been driven by robust demand, advanced management and new technology, and it continues to outperform other real estate sectors.”
Cayre Investments is a family-owned real estate company. Treasure Island Storage currently operates six self-storage facilities in New Jersey and New York, with three additional New York sites under development. It currently operates two locations in Queens.
Sources:
- Commercial Observer: Glendale, Queens Mixed-Use Property Sells for $9.18M
- Treasure Island Storage: Website
