The Grossman Cos. Inc., a family-owned real estate company, purchased Roslindale Self Storage in Roslindale, Mass., a suburb in Boston, for $8.8 million. The acquisition was backed by a $6.4 million loan from Brookline Bank. The facility was previously owned by James C. Dow of Northeastern Realty Trust, who acquired the site in 1995 for $330,000, the source reported.
The property at 34-44 Lochdale Road and 48-99 Mahler Road is just off Washington Street near the Arnold Arboretum of Harvard University. It encompasses 44,000 square feet of storage space in 366 climate-controlled units on 1.24 acres of land. It also features 55 vehicle-parking spaces and 17,000 square feet of commercial space that’s currently occupied by two tenants, Autoparts International and Cataldo Ambulance Service Inc. Property amenities include drive-up access, free Wi-Fi, online billpay, and the sale of moving and packing supplies.
“We have been pursuing urban self-storage property for the last few years and are excited about this opportunity in Roslindale, which is a densely populated, under-supplied market,” said David Grossman, co-president. “The asset has historically been fully occupied and its stable cash flow is extremely attractive; however, we are optimistic that we will be able to create significant value in the medium- and long-term.”
The facility will be managed by Storage Asset Management Inc., a self-storage property-management and consulting company based in York, Pa.
Quincy, Mass.-based The Grossman Cos. is a real estate investment, management and brokerage firm that owns and manages approximately 2 million square feet of commercial and residential properties concentrated in New England.
Sources:
- Commercial Property Executive: Roslindale Self Storage Sold to The Grossman Cos.
