Public Storage Acquires a Large Portfolio

Property.com > Resources > News > Public Storage Acquires a Large Portfolio
By Jason Franklin
Thursday March 29th, 10:00 AM

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, Philadelphia, and two Florida locations in Pompano Beach and Hialeah. 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.
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