LA Firm Buys Brownsville Self-Storage Warehouse for $20.7M
A Los Angeles-based investment firm, Kayne Anderson Capital Advisors, picked up a Brownsville, Brooklyn, self-storage property for $20.7 million, property records show.
Kayne bought 252 Newport Street, between Osborn and Watkins Streets, from Highland Development Ventures in a deal that closed on Oct. 15 but was made public Wednesday, according to city records. The firm financed the purchase with $12.5 million in financing from PNC Bank, property records show.
Valhalla, New York-based Highland bought the four-story Brooklyn warehouse — which was then vacant — from Tuck-It-Away storage for $7.8 million in 2015, the New York Times reported.
The 55,000-square-foot property is currently leased to Extra Space Storage and is the latest in a string of properties Kayne recently bought from Highland; in June 2018, Kayne bought three Milwaukee self-storage buildings from Highland for $34.4 million, Milwaukee BizTimes reported.
A Highland representative said Kayne has been in talks to buy the East New York property since it bought the Milwaukee buildings last year.
Representatives from PNC and Kayne did not immediately respond to requests for comment.