Newswire Mann Report

Westbridge Realty Group Closes $6.5M Industrial Site Deal in Gowanus

David Marciano, Alexandra Rossland

Westbridge Realty Group, a New York City-based investment sales firm, announced the sale of an industrial site in Gowanus, Brooklyn for $6.5 million. The site, at 88 9th Street, is a self-storage facility on an acre of land with 300 self-storage units. The property consists of over 40,200 square feet and 300 storage units located on 9th Street between Smith Street and 2nd Avenue.

Westbridge Realty Group’s Alexandra Rossland and David Marciano represented the seller.

“After being exclusively retained to handle the sale, we identified an out of state buyer who was able to see the future value of self-storage,” said Rossland.

Charles Devito of Chuck Realty Corp. and Marciano represented buyer Insite Property Group, a California-based self-storage operator and manager which will continue to operate the self-storage business.

“In a very uncertain real estate market and an uncertain time in the world, the buyer, who owns other self-storage properties in the area, realized that the property was not utilized to its full potential and has a long-term outlook,” said Marciano.