A storage facility under the SecureSpace Self Storage brand has opened in Elmsford, N.Y. The company acquired the asset from The Ardent Cos., which has developed the 155,538-square-foot property.
According to Yardi Matrix data, the Class A facility was subject to a construction loan in 2022, provided by Fifth Third Bank. The current transaction was subject to an acquisition loan offered by KKR Real Estate Finance Trust Inc., Westchester County records show.
The recently completed six-story building sits on 1.5 acres and encompasses climate-controlled units, ranging from 25 to 280 square feet. On-site amenities include video surveillance, gated access, supplies such as locks and boxes, elevator access. SecureSpace Elmsford offers online payment options and contactless move-in.
The property is located at 33 W. Main St., at the westbound entrance and eastbound exit of the Cross Westchester Expressway. The facility is in the White Plains market, 11 miles from Yonkers and 30 miles from New York City. The storage property is one of the eight available within a 3-mile radius, offering residents 4.9 rentable square feet per capita.
Yardi Matrix data shows that as of May, White Plains had 23 self storage facilities under construction and 56 in the planned and prospective stages, set to add approximately 4.4 million rentable square feet to the existing inventory. Year-over-year, seven properties totaling 633,170 square feet traded in the market, three of which were Class A assets.
The self storage sector saw a negative year-over-year rent growth as of the end of the first quarter. Street rates however remained high by historic standards, the latest Yardi Matrix report indicates.
