ROCKLAND, Mass. — A 231-unit self-storage property on Boston’s South Shore has changed hands in a deal that underscores continued investor demand for stabilized storage assets in Greater Boston.
Pleasant Storage, located at 265 Pleasant St. in Rockland, MA was sold to Patriot Holdings and All Purpose Self Storage. Financial terms of the transaction were not disclosed, although brokers said the property traded at a capitalization rate below 5%, reflecting strong pricing for institutional-quality self-storage properties.
“The sub-5% cap rate shows the continued appetite for stabilized self-storage facilities,” said Nathan Coe, senior managing director of investments at Marcus & Millichap, who led the brokerage team on the transaction. “The buyer is acquiring a solid self-storage and flex property with a tremendous amount of upside in a strong, undersupplied storage market.”
Marcus & Millichap represented the seller, a local father-and-son ownership group that developed and operated the facility, and procured the buyer. The brokerage team included Nathan Coe, Gabriel Coe and Brett Hatcher, working with Thomas Shihadeh, the firm’s Massachusetts broker of record.
Built in 2003, Pleasant Storage occupies a 4.9-acre site and consists of seven buildings totaling 45,160 rentable square feet. The property includes 231 storage units, with 222 non-climate-controlled units and nine additional units, as well as flex space.
According to the brokerage, the property also offers expansion potential, providing an opportunity for the new owners to increase capacity in a market where self-storage supply remains relatively constrained.
The transaction adds to a series of self-storage investment sales in the Greater Boston market, where limited development opportunities and steady consumer demand have continued to support property values despite higher interest rates and a more selective investment climate.
