150 McClellan Highway

  • 108,000 SF (1,100 units)
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150 McClellan Highway

INVESTMENT BACKGROUND

Acquisition Date January 2004
Property Type Self-Storage
Size 108,000 SF
Business Plan Conversion of underutilized industrial building into institutional-quality self-storage facility

Investment rationale

  • High-traffic, highly visible location on Route 1A with excellent accessibility in dense East Boston market
  • Under-supplied self-storage market
  • All-in cost basis of $120/SF
  • Upon construction completion, Extra Space (NYSE: EXR) took over facility management on our behalf

status

  • Facility opened in early 2005
  • Substantial ancillary income generated with execution of long-term leases to telecom and cell tower companies
  • Property sold in 2014 to publicly traded REIT for approximately $215/SF

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