JPMorgan Chase Supplies $28M Acquisition Loan for Bronx Self-Storage Buy
Wildflower sells property for $64 million to Storage Post
Storage Post Self Storage has secured $28 million of acquisition financing to purchase a Bronx property from Wildflower, Commercial Observer has learned.
JPMorgan Chase (JPM) provided the loan toward the company’s $64 million acquisition of the self-storage facility at 3350 Park Avenue in the Bronx’s Morrisania neighborhood. Skyview Advisors brokered the deal.
“We are extremely excited to add this marquis asset to our New York portfolio,” Dylan Delaune, chief investment officer at Storage Post, said in a statement. “We are excited to be in a strategic position to acquire new properties and the prospects of growth in the very near future.”
Wildflower, a Manhattan-based developer led by Adam Gordon, acquired the 138,000 square-foot property in 2017 for $13 million and then sold an adjacent asset at 438 E. 166th Street to Roadway Moving for $4 million. The 3350 Park Avenue property contains 3,305 self-storage units and 21,818 square feet of parking space.
Gordon, a managing partner at Wildflower, said the transaction is part of the company’s plan to sell off its self-storage portfolio in order to narrow its focus on the e-commerce and film sectors. Wildflower is Amazon’s most active e-commerce warehouse and parking developer in New York City. It is also busy developing the 762,000-square-foot Wildflower Studios with partner Robert De Niro and architect Bjarke Ingels.
“This sale of this generational-quality asset reflects our firm’s continued pivot into e-commerce and content creation,” Gordon said in a statement. “Our long-standing friendships with Storage Post executives Dylan Delaune and Jack Giannola prompted the transaction.”
“The facility’s institutional quality, paired with an encompassing population exceeding 1.3 million residents, will allow the new buyer to achieve consistent success year-over-year,” said Aaron Sanchez, senior vice president at Skyview Advisors. “The renter-occupied population in New York City is nationally renowned, which is indicative of the strong need for storage in each major borough. Additionally, the site offers multiple avenues for further revenue growth, which led to an unprecedented demand for this property during the transaction process.”
JPMorgan Chase officials declined to comment.
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