The self-storage facility at 475 Underhill Boulevard in Syosset was acquired for $15.67 million by The Davis Companies on Thursdasy, May 7, after entering into a joint venture with GoodFriend Storage.
After the acquisition, Davis said it will be converting the facility to increase its capacity and better serve the Long Island market, according to a press release. The 40,244-square-foot Syosset facility operates across two floors with 467 self-storage units along with 88 outdoor parking spaces for a range of vehicles and expansion capabilities of 34,000 square feet.
Davis’ acquisition of the Syosset facility marks the company’s 21st development project as the company celebrates its 50th year in business. It will continue to strengthen its holdings and look for more target markets.
The company initially entered into real-estate and self-storage spaces in the 1990s, and has since acquired over 14.4 million square feet of self-storage and industrial holdings.
Davis’ acquisitions vary across the country with 12.4 million square feet in holdings that include self-storage properties in Milwaukee, life science and industrial warehouses in Massachusetts and a technology center in Pennsylvania. The company has invested nearly $13.5 billion through real estate equity, debt and fixed-income.
GoodFriend storage is a privately owned, self-storage operator that focuses the management of its properties in Northeast markets, according to a press release. The company works in urban development, and implements property conversions to better fit customer experience.
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Source: LI Press
