Packaging Manufacturer Leases Space to Self-Storage Business
American Real Estate Management, a self-storage facility, has inked a deal for 90,000 square feet of space at 1351 and 1339 Jerome Avenue, near West 170th Street, in the Mount Eden section of the Bronx.
The five-year triple net deal—by which the tenant pays the net taxes, insurance and maintenance—commanded an asking rent of $7 per square foot, and includes an option to buy, said Dmitri Gourianov, a broker with Kalmon Dolgin Affiliates who represented the property owner in the transaction.
The asking price for the asset was $10.5 million.
American Self-Storage, an affiliate of American Real Estate Management, plans to convert the industrial building to a storage facility, which should take around six months, brokers said. The company will take possession of an additional 18,000 square feet of parking on the property. The asset’s previous tenant and current owner is Plaza Packaging, a manufacturer of packaging products.
“The whole area is changing, with the new Yankee Stadium, etcetera,” said Mr. Gourianov. “There’s a lot of new residential construction.”
In particular, the tenant was wooed by the building’s high ceilings, as well as multiple loading docks and drive-in entrances. American Real Estate Management is an affiliate of American Self-Storage, which has multiple locations in New York and New Jersey.
Grant Dolgin and Mr. Gourianov, both of Kalmon Dolgin Affiliates, represented the owner in the deal. Ivan Diaz of Manhattan Brokerage Consultants represented the tenant.