Carlyle Group Picks Up Four Self-Storage Properties in Brooklyn and Queens for $110M
By Abigail Nehring April 30, 2024 8:15 pm
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Private equity giant The Carlyle Group added four self-storage facilities in the outer boroughs of New York City to its $20 billion real estate portfolio.
Carlyle paid $110.4 million for the storage facilities in Queens and Brooklyn, which Safe N Lock Self Storage developed between 2018 and 2020, according to city property records made public last week.
The deal closed on April 12 and was first reported by PincusCo.
The four facilities range in size from 35,589 to 154,782 square feet and are currently occupied by Life Storage, which also manages the properties.
Carlyle’s acquisitions include 87-16 121st Street in Richmond, Queens, the biggest individual sale at $50.3 million, and three properties in Brooklyn: 145 18th Street in South Slope, 651 Utica Avenue and 1690 East New York Avenue, both in Brownsville.
Cushman & Wakefield (CWK)’s Mike Mele brokered the deal, which has been a long time coming as the brokerage first began marketing pieces of the four-property portfolio in 2019.
Mele and spokespeople for Carlyle and Safe N Lock did not respond to requests for comment.
Safe N Lock has developed at least 25 self-storage facilities in the outer boroughs since Marc Sharinn founded the company in 2012. But it’s gotten into hot water recently with several of its investors, including Equity Resource Investment, separately suing the company for allegedly cheating them out of their share of profits for the developments, court records show.
Equity Resource also alleged that Safe N Lock misappropriated funds that led to their jointly owned properties going into foreclosure last year, with Equity Resource unloading 1301 Avenue M to its lender Heitman Capital for $46.9 million in February.
Meanwhile, Carlyle has been scooping up self-storage properties all over the globe in recent years, including picking up a Long Island City, Queens one for $80 million in 2022 and developing one in Crown Heights.
Abigail Nehring can be reached at anehring@commercialobserver.com.
