PE firm reaches $70M ground lease deal for Staten Island self-storage project

Private equity firm Equator Capital Management signed a 99-year, $70 million ground lease for a development site in Staten Island and plans to build a 136,000-square-foot self-storage building. The $70 million price tag is the net present value of annual rent payments for the entire term of the lease, according to Pure Properties Commercial Division’s Eugene Rivera, who brokered the deal. The landlord of the two-acre property at 2601 Veterans Road West is A. Tranchina […]

Source: Real Estate

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