Invesco Real Estate Buys Self-Storage Building in Brooklyn for $44M
By Celia Young July 25, 2022 12:27 pm
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Invesco Real Estate picked up a 10-story self-storage warehouse at 160 John Street in Vinegar Hill, Brooklyn, for $43.5 million, according to property records made public Monday.
An entity tied to Invesco bought the property from Knickpoint Ventures’ Matthew Sprayregen for more than four times the $10.8 million it sold for in 2007, according to public records. Invesco closed on the sale July 12.
Knickpoint repaid $38 million in debt dating back to 2017 from M&T Bank three days after the deal closed, according to public records. It was not immediately clear if there was financing involved in the purchase.
ExtraSpace Storage currently occupies the 100,000-square-foot building between Hudson Avenue and Gold Street, according to the company’s website. The purchase is the latest in a series of self-storage acquisitions for Invesco after it bought two portfolios in Oregon and Tennessee for $42 million and a 491-unit facility in North Carolina for an undisclosed price this year.
The Vinegar Hill deal comes nearly two years after Knickpoint unloaded a Bronx assemblage site of five storage facilities, warehouses and parking lots to Prime Storage Group for $28.5 million in 2020. At the time it was the largest storage facility sale in the borough since 2017, Commercial Observer previously reported.
It was not immediately clear who brokered the sale of the John Street building. Invesco and Knickpoint did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
