Public Storage, a real estate investor trust, has purchased a 6-property self-storage portfolio from Australian
-based developers Babcock & Brown, in association with other lenders, including Bank of America, PNC Bank, Emigrant Realty Financial and BMO Harris. The deal is reported to be worth $45 million.
Public Storage, the largest self-storage provider in the United States, will take control of all six buildings, which are located in Wayne, New Jersey
, Randolph, Massachusetts
, Montclaire, California
, and two Florida
locations in Pompano Beach
. The deal is for all 5,500 storage units, totaling 517,000 square feet with a 65% occupancy rate.
All this is part of a liquidation of sorts for Babcock & Brown, who have held this particular portfolio for just over three years. The firm is said to be disbanding, and the bank lenders have no further interest in the property.