Public Storage Inc., a self-storage real estate investment trust (REIT), has purchased A2Z Self Storage in Orchard Park, N.Y., for $4 million. The REIT now has eight storage sites in the region.
The property at 1160 Southwestern Blvd. was developed in 2005 by a local partnership, then later expanded, according to the source. It comprises 40,542 net rentable square feet of storage space in 370 units as well as 30 outside vehicle-parking spaces.
The seller was represented in the transaction by Nick Malagisi, national director of self-storage for SVN Commercial Real Estate Advisors. He was assisted by Howard Kravetz, a broker with Re/Max in Rochester, N.Y.
Based in Glendale, Calif., Public Storage has interests in 2,319 self-storage facilities in 38 states, with approximately 152 million net rentable square feet. Operating under the Shurgard brand name, the company also has 218 facilities in seven European countries, with approximately 12 million net rentable square feet.
SVN has broker representation in more than 100 markets across the United States. Its team specializes in the marketing, sale and disposition of self-storage properties nationwide.
Sources:
- New York Real Estate Journal: Malagisi of SVN Commercial Real Estate Advisors Facilitates $4 Million Sale
