1. New York firm snaps up two storage centers for more than $20M.
- Author
-
Bullard, Stan
- Subjects
INVESTMENT advisors ,BUSINESS enterprises ,SELF-service storage facilities ,CHIEF financial officers ,STORAGE - Abstract
New York investment adviser, Related Fund Management, has purchased two self-storage properties in Northeast Ohio for a total of $22 million. The properties, located in Cleveland and Euclid, are both operated under the Extra Space Storage brand. One property is a 216,000 square foot mini-warehouse in Euclid, previously an industrial building and Super Kmart. The other property is a three-story structure on Chester Ave, originally a Cadillac dealership, with 93,000 square feet of storage space. Both properties were converted to self-storage facilities in 2020 and 2019, respectively. The sales reflect a significant increase in property values and may result in additional property taxes for the taxing authorities. [Extracted from the article]
- Published
- 2024