The Davis Companies closes on disposition of two self-storage facilities operated by Extra Space Storage

Boston, MA The Davis Companies (Davis) have closed on the disposition of two self-storage facilities operated by Extra Space Storage, located at 235 North Beacon St. and 970 Fellsway in Medford, MA respectively. The properties were sold to a joint venture between Invesco Real Estate and Baranof Holdings.

The property at 235 North Beacon St. is a 47,769 s/f storage facility in the city’s Brighton neighborhood. Davis acquired the asset in April 2018 and completed capital improvements that included a second-floor unit expansion and an increase in unit count from 435 to 491. The facility continues to exhibit strong leasing fundamentals with an average occupancy rate around 90%. 

The 970 Fellsway storage facility in Medford, was acquired by Davis in 2019. The 80,995 s/f, 922-unit storage facility is located on the corner of the 970 Fellsway lot, adjacent to The Clayborn, Davis’ newest development under construction delivering 289-unit residential residences to the market. Davis added 297 units to the self-storage facility and made upgrades including a new roof, sprinkler, HVAC repairs, replacement of the fire pump, and other building maintenance. Currently, the facility is 84% leased.

“These transactions reflect Davis’ ability to identify opportunities, execute targeted capital improvements, and deliver assets that create top returns for our investors,” said David Allen, managing director asset management at Davis and lead for the firm’s industrial and self-storage vertical. “With the completion of our investment plans at both properties, we are confident that these assets are well-positioned for the next phase of ownership and will continue to demonstrate strong operating performance.”

Both facilities are located close to downtown and are accessible via public transportation, local bus routes, rapid transit, and I-90, I-93, and I-95.

“These facilities are located in dense urban submarkets, where high barriers to entry and limited new supply continue to drive leasing activity,” said Paul Nelson, Managing Director, Invesco Real Estate. “Across selfstorage markets – including the Boston MSA – we’re seeing continued healthy demand in dense, undersupplied areas with strong fundamentals, and we look forward to expanding Invesco Real Estate’s portfolio in the years to come.”

“The Greater Boston self-storage market continues to see high demand for well-located facilities with established operating performance,” said Kenneth Cox, Vice Chairman at Newmark, who advised on the disposition alongside Newmark’s Self Storage Capital Markets team. “Both assets attracted interest due to their location, scale, and completed capital programs, providing a strong foundation for future ownership.”