Safeguard Self Storage, which operates 75 facilities throughout the eastern states, has purchased a commercial building in Plainview, N.Y., for $2.8 million that it intends to convert to self-storage. It’ll be the company’s fifth facility on Long Island and its 32nd in the New York metropolitan area, according to a press release.
The property at 1522 Old Country Road contains an existing 18,000-square-foot, single-story structure that’ll be redeveloped into a two-story self-storage building. Once complete, it’ll comprise 60,300 square feet in 757 units and feature computer-controlled gate access, a drive-up loading area and video cameras. Safeguard also plans to relocate its headquarters from Melville, N.Y., to 1,500 square feet of office space on the facility’s second floor. The property is expected to open in the third quarter of 2019.
“The Long Island portion of the New York metro market has become increasingly important for Safeguard, and this purchase will help the company continue to develop and strengthen its name recognition outside the boroughs of New York City,” said Jim Goonan, executive vice president of development.
Safeguard and the seller, A.M. Property Holding Corp., were represented in the transaction by Kelly Koukou, executive managing director for real estate firm Lee & Associates.
Safeguard has five other projects underway in the New York market, two of which are expected to open later this year. It has six other projects in development outside the state, the release stated.
Founded in 1989 and headquartered in Atlanta, Safeguard operates facilities in Florida, Illinois, Louisiana, New Jersey, New York and Pennsylvania. The company is owned and operated by Morgan Stanley’s Prime Property Fund.
Sources:
Long Island Business News, Plainview Building Sells for $2.8M
openPR, Safeguard Self Storage Completes the Purchase of Land for a New Facility at 1522 Old Country Road in Plainview, New York
