\nWith the self-storage market booming, developer Adam Gordon is cashing out.<\/p>\n
Gordon\u2019s firm, Wildflower, sold a roughly 3,300-unit facility it built at 3350 Park Avenue in the Morrisania section of the Bronx to Atlanta-based operator Storage Post for $65 million, Gordon told The Real Deal.<\/p>\n
Wildflower bought the property in 2017 for $9 million, public records show, and developed the nearly 130,000-square-foot self storage building on the site.<\/p>\n
Gordon said the sale represents \u201cour firm\u2019s continued pivot into e-commerce and content creation.\u201d<\/p>\n
Wildflower is developing a 775,000-square-foot\u00a0film production studio<\/a>\u00a0in Astoria in partnership with actor Robert De Niro and producer Jane Rosenthal. Wildflower has also developed several last-mile distribution facilities in the city, including an over 400,000-square-foot multi-level warehouse near John F. Kennedy International Airport that\u2019s leased to Amazon.<\/p>\n The self storage market, meanwhile, has caught fire as the pandemic spurred both people and businesses to lock up their stuff.<\/p>\n Self storage REITs have notched returns of 84 percent<\/a>\u00a0since early 2020, the Wall Street Journal reported in December, far outpacing the 20 percent that the broader FTSE Nareit All Equity REITs Index returned during that time.<\/p>\n The surge in demand has led to some eye-popping deals. Edison Properties last year sold its Manhattan Mini Storage company to Missouri-based StorageMart for\u00a0$3 billion<\/a>.<\/p>\n