Manhattan Mini Storage, the 18-location self-storage facility known for its cheeky ads, has been sold to a large international self-storage holding company based in Missouri.
Parent company Edison Properties sold Manhattan Mini Storage to Storage-Mart, which calls itself the "largest privately-owned self-storage company in the world."
In the summer, Edison Properties (which also has parking facility Park Fast and commercial real estate) explored a sale for Manhattan Mini Storage, reportedly eyeing around $3.1 billion for its 56,000 units, which covers 3.1 million square feet. While the terms of the sale were not disclosed, it's believed the sale price was over $3 billion.
Self-storage companies have seen success during the pandemic, with people stashing their items as they face life changes, like new jobs or moves. Elizabeth Gable, a lawyer specializing in real estate transactions, told the Wall Street Journal, "Usually purchasing storage when leaving an area is evidence that you plan to return. It bodes really well for a city like New York City that experienced a lot of residential departures during the pandemic.” Another factor fueling growth is, according to one study, e-commerce with vendors using self-storage for their inventory.
A number of the leading self-storage companies have been making moves in recent years: Real Deal points out that CubeSmart spent over half a billion for storage locations in Brooklyn, the Bronx, and Queens, while Simply Self-Storage and ezStorage were each acquired for over $1 billion.
While the locations sit in prime areas, Storage-Mart will not close any of Manhattan Mini Storage's facilities, Sarah Little, managing director of marketing at Storage-Mart told Gothamist/WNYC in a statement. Instead, they hope to expand some of the properties and may even acquire other self-storage companies.
But what about Manhattan Mini Storage's memorable ads, which have been staunchly pro-choice and very skeptical of Alaska governors-turned-vice presidential candidates?
Little said, "Manhattan Mini is a staple New York company and we don’t want to change that. We aim to bring the same sass and earn a few chuckles from our marketing campaigns."
