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Treasure Island Storage buys USPS (U.S. Postal Service) building for $6.55M

Israel Discount Bank of New York provided a $6.8 million loan on the property

November 6, 2012- Treasure Island Storage has bought an 84,000-square-foot industrial building in Queens from the U.S. Postal Service. The building is located at 78-02 Liberty Ave. in Ozone Park.

USPS is selling 71 building and 24 land parcels nationwide. Many properties on the market are put on "streamline operations" according to a USPS spokesperson.

www.insideselfstorage.com reports:
"The building will to be converted to a state-of-the art, class-A self-storage facility," Cayer told the Commercial Observer. "We expect this project to be approximately $11 million when completed," he said.

Treasure Island Storage is a self-storage operator owning 10 facilities in New York and New Jersey. It is expanding its operations by acquiring various properties around these states.

Source: www.insideselfstorage.com