September 23, 2019
On-demand storage company Clutter, based in Culver City, CA, has entered the self-storage sector with its $152-million acquisition of the 5,240-unit Storage Fox portfolio. The four properties are located in New York City’s Brooklyn and Queens boroughs, and in the northern suburbs of Yonkers and White Plains, NY.
“We spent the last few years building out our own warehouse network and creating infrastructure for urban areas,” said Clutter CEO Ari Mir. “Now, we’re focused on owning real estate in key markets to offer the most comprehensive suite of storage products and services. We’ll continue to invest in people, technology and logistics to modernize the entire on-site experience.”
Colony Credit Real Estate partly funded the acquisition with a $116-million mortgage loan. Barclays Investment Bank acted as the sole lead arranger and exclusive financial advisor to Clutter, in connection with the Storage Fox acquisition.
Clutter expects to rebrand the properties by November.
Pictured: Storage Fox of White Plains.
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