HFF closes sale of 2-property Ace Self-Storage portfolio in Upstate New York
HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a two-property Ace Self Storage portfolio totaling 630 units and 95,878 rentable square feet in upstate New York.
HFF marketed the portfolio on behalf of the seller, Real Estate Technology. World Class Capital Group, LLC purchased the assets as their first self storage acquisition into the New York market.
The 94.8-percent-occupied portfolio is comprised of a 388-unit property located at 735 and 765 South Street in Newburgh and a 241-unit facility at 1594 Route 9G in Hyde Park, New York. Three buildings – two self-storage buildings and one warehouse leased to three commercial tenants – comprise the Newburgh property, which is located just south of Interstate 84 off of Exit 5B in a community on the Hudson River 60 miles north of New York City. The Hyde Park property includes eight buildings and a stand-alone management office. The asset is situated between Partridge Hill Road and Deer Hill Road on Route 9G in a residential community located between New York City and Albany. Additionally, the Hyde Park property has 12 RV parking spaces. Both properties include climate and non-climate controlled units and on-site management. The buyer plans to expand the facilities to add additional units. The properties will be rebranded and managed by Great Value Storage, the firm’s wholly-owned storage management platform.
The HFF self storage team representing the seller was led by director Barbara Guffey.
“The portfolio appealed to the buyer since it was stabilized with a strong cash flow stream, and offered expansion opportunities at both locations,” Guffey said.
About World Class Capital Group, LLC
World Class Capital Group, LLC (WCCG) is a leading national real estate investment firm focused on acquiring, developing, and managing high-quality real estate. World Class Capital Group targets opportunistic real estate investments across a broad range of asset types through single-asset and portfolio acquisitions. WCCG’s primary focus is the acquisition of complex or undervalued real estate assets in which there are opportunities to create value through repositioning, redevelopment or leveraging its exceptional asset and property management platforms to uncover underlying operational inefficiencies. The firm’s portfolio includes investments in office, retail, industrial, multifamily, self storage and land. World Class Capital Group is headquartered in Austin, Texas, and also has an office in New York City. For more information, please visit www.wccapitalgroup.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.