A building in downtown Albany, New York, that was purchased 12 years ago for $150,000 and converted into dozens of climate-controlled self storage units has sold for $5.9 million.
Albany SuperStorage at 44 Broadway was purchased by WSP Albany LLC, an entity controlled by Wasatch Storage Partners in American Fork, Utah, according to filings in the Albany County Clerk's office.
Wasatch Storage Partners owns more than 100 self storage units and has been involved in more than $1 billion in acquisitions and developments, according to the company's website.
The Albany purchase was financed by a $3.72 million loan from TCF National Bank in Minnesota.
The building was sold by 44 Broadway Realty LLC, an entity controlled by real estate developer Marc Paquin and business partner Gerry L. Gauer, both based in Clifton Park.
Paquin and partners have owned the property since 2004, when they bought the long-vacant building that was once the headquarters of Bab-O, a home cleaning product company.
Paquin has previously said more than $2 million was spent converting the 90,000-square-foot building into self storage units. The business opened in 2012.
Paquin couldn't immediately be reached for comment. Someone who answered the phone at Albany SuperStorage said there are 600 to 700 units in the building.
The deal is among the latest involving self storage units in the region. The industry has been booming for years in the U.S. as more people seek out places to put their stuff, whether it's a traveling salesperson or a couple downsizing their home.
Another sign of the potential: The Rosenblum Cos. wants to build a 100,000-square-foot climate-controlled self storage facility near Exit 5 of Interstate 90 in Albany.