StorageMart, the largest privately-owned self-storage company in the world, announced it has entered into an agreement to acquire Manhattan Mini Storage.
The deal includes the entirety of the company’s 18 self-storage real estate locations throughout Manhattan.
Privately-owned StorageMart is reportedly paying north of $3 billion for the portfolio, which spans 56,000 units, or 3.1 million square feet, and enjoys 95 percent occupancy.
Manhattan Mini Storage is owned by more than 70 stakeholders and managed by Newark, NJ-based Edison Properties.
Edison tapped a team from Eastgil Secured over the summer to market the portfolio. In a statement, StorageMart confirmed the acquisition and noted the deal will expand its own stoagre portfolio to more than 20 million net rentable square feet and more than 200,000 storage units worldwide.
Citigroup served as the exclusive financial advisor to StorageMart. Kirkland & Ellis LLP served as legal counsel to StorageMart. Eastdil Secured served as the exclusive financial advisor to Manhattan Mini Storage.