Manhattan Mini Storage, the 18-location self-storage facility identified for its cheeky adverts, has been bought to the a big worldwide self-storage holding firm based mostly in Missouri.
Father or mother firm Edison Properties bought Manhattan Mini Storage to Storage-Mart, which calls itself the “largest privately-owned self-storage company in the world.”
In the summertime, Edison Properties (which additionally has parking facility Park Quick and business actual property) explored a sale for Manhattan Mini Storage, reportedly eyeing round $3.1 billion for its 56,000 models, which covers 3.1 million sq. ft. Whereas the phrases of the sale weren’t disclosed, it is believed the sale worth was over $3 billion.
Self-storage firms have seen success throughout the pandemic, with folks stashing their gadgets as they face life modifications, like new jobs or strikes. Elizabeth Gable, a lawyer specializing in actual property transactions, instructed the Wall Road Journal, “Usually purchasing storage when leaving an area is evidence that you plan to return. It bodes really well for a city like New York City that experienced a lot of residential departures during the pandemic.” Another factor fueling growth is, according to one study, e-commerce with vendors using self-storage for their inventory.
A number of the leading self-storage companies have been making moves in recent years: Real Deal points out that CubeSmart spent over half a billion for storage locations in Brooklyn, the Bronx, and Queens, while Simply Self-Storage and ezStorage were each acquired for over $1 billion.
While the locations sit in prime areas, Storage-Mart will not close any of Manhattan Mini Storage’s facilities, Sarah Little, managing director of marketing at Storage-Mart told Gothamist/WNYC in a statement. Instead, they hope to expand some of the properties and may even acquire other self-storage companies.
Little said, “Manhattan Mini is a staple New York firm and we don’t wish to change that. We purpose to convey the identical sass and earn just a few chuckles from our advertising campaigns.”