StorageMart acquires Manhattan Mini Storage properties for $3.15B

StorageMart has recorded its previously disclosed acquisition of Edison Properties’ Manhattan Mini Storage, including all of the company’s self-storage properties in Manhattan in 19 separate transactions totaling $3.15 billion. The deal was disclosed in November 2021 by StorageMart.

The property purchase prices ranged from $367.7 million to $20.6 million and locations included properties as far south as Two Bridges as as far north as Harlem.

The contract date was November 1, 2021. The buyer entity was in care of Smartco Properties, which is controlled by StorageMart. StorageMart is controlled by the Burnam family and is owned by a group of shareholders including E. Stanley Kroenke, GIC Realty, a company which makes real estate investments on behalf of the Government of Singapore and William H. Gates III’s Cascade Investment, according to European Commission filings.

According to a press release from StrorageMart, the company is the world’s largest privately owned self-storage provider. It was founded by the Burnam Family in 1999 and headquartered in Columbia, MO. After the acquisition, the company now owns over 20 million square feet of rentable storage and more than 200,000 storage units worldwide.

Jon Dario was the signatory for Edison Properties while Cris Burnam, president of the company, signed for StorageMart.

Citigroup served as the exclusive financial advisor to StorageMart, the company said.

The properties are: 260 Spring Street and 272 Spring Street, 420 East 62nd Street, 400 East 111th St and N/A East 110th Street, 220 South Street and 203 South Street, 5030 Broadway, 541 West 29th Street, 633 West 44th Street, 161 Varick Street, 99 10th Avenue, 108-110 West 107th Street, 543 West 43rd Street, 524 West 23rd Street, 510-520 West 21st Street, 2341 12th Avenue, 28 2nd Avenue, 531-539 West 21st Street, 2351 12th Avenue, 1124 1st Avenue and 290 Dyckman Street.