A Greenwich-based real estate investment and management firm has tripled the size of its portfolio with the purchase of self-storage and retail properties in upstate New York.
Storage Ventures said it acquired five self-storage facilities — located in Evans Mills and Watertown, New York — totaling about 273,000 square feet along with White Pines Plaza, a 12,000-square-foot retail center, also in Evans Mills.
The seller was Minnesota-based KO Storage.
The company did not disclose purchase prices. However, it did say it partnered in the deal with publicly traded SmartStop Self Storage REIT, which invested $4.8 million in the purchase.
SmartStop, in a separate announcement, said it will manage the properties.
Storage Ventures said it specializes in investing in self-storage and related properties across the eastern U.S., and now has nine properties in its portfolio across New York, New Hampshire and Massachusetts.
The firm is led by Managing Member Douglas Lee, who has more than 25 years of experience in real estate investment and capital markets, according to his biography. Before founding Storage Ventures, Lee co-founded Brightstone Capital Partners, served as managing director and head of capital markets for Metropolitan Real Estate, and held senior investment banking roles at UBS and Goldman Sachs.
