$60m storage portfolio sold.Wharton Equity Partners, in partnership with Gould Investors LP, has sold a portfolio of approximately 6,500 storage units located in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Westchester. The four building, 400,000 s/f package was acquired by American Storage Properties North LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a venture between Northwestern Mutual Life Insurance Company and ASP Investors North LLC. The projects, owned by ASP North LLC ,are managed under the name "Storage Post." The asking price of the portfolio was $59,750,000. Storage Investment Advisors of Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the managed the sale, and the firm of Herrick, Feinstein LLP LLP - Lower Layer Protocol provided legal representation to Wharton Equity Partners. This is the second time recently that Wharton Equity Partners acquired a substantial number of storage facilities in the same market, repositioned them, and sold the portfolio to an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . In 2003, the company sold approximately 2,200 units, located in the Hamptons on Long Island, to Sovran Self-Storage. The facilities were assembled through a series of acquisitions with different sellers. Peter C. Lewis, principal of Wharton Equity Partners, noted that the firm tended to focus on larger, value-added transactions in strong markets to maximize the universe of potential institutional purchasers after a re-positioning strategy has been implemented. Besides self-storage, Wharton Equity Partners is pursuing the acquisition of significant office, industrial and retail properties in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , and the Sun Belt states. |
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