Public Storage Buys Bronx Building for $30 Million
Public Storage is buying a warehouse building in the Bronx for around $30 million sources have revealed to The Commercial Observer.
The company, known for its bright orange signage, will open a facility in the roughly 410,000-square-foot property, which is located at 385 Gerard Avenue in the Mott Haven section of the South Bronx.
Public Storage, a public company based in Glendale, Calif., has over a dozen locations in the city, with most of its facilities concentrated in Brooklyn and Queens. The company would appear to have room to grow in the Bronx; the Gerard Avenue building will be only its third location in the borough.
A Massey Knakal team led by the company’s chairman Bob Knakal handled the deal for the seller, R Squared LLC, a company founded by brothers Mitchell and Gregg Rechler. The two are cousins of Scott Rechler, a major landlord in Manhattan who owns several large office towers, though R Squared is not affiliated with Mr. Rechler’s company RXR Realty.
Shawn Weidmann, a senior vice president and chief operations officer at Public Storage, returned The CO’s calls seeking comment on the deal but said the company could not offer any statement nor confirm the acquisition.
Mr. Knakal could not be reached. Jordan Gosin, an executive at Newmark Grubb Knight Frank, co-brokered the deal with Mr. Knakal according to sources, representing Public Storage in the purchase. Mr. Gosin did not immediately return calls.