Investor interest in the self-storage sector remains high.
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A Framingham self-storage facility has sold for $18.06 million, part of a wider three-property deal between two firms with portfolios focused on self-storage assets.
An entity managed by Summerland Storage Partners, a New York firm launched in May, purchased the site at 71 Bishop St. on Jan. 22 from Dallas-based NexPoint Storage Partners, according to Middlesex South Registry of Deeds records.
Completed in 2023, the property contains a three-story, roughly 100,000-square-foot storage building, as well as three 8,600-square-foot drive-up storage garages, according to City of Framingham property records. The site sits just off of Route 135 near the city’s border with Natick.
The site was developed by Calare Properties, Inc. of Framingham, according to real estate data firm CoStar. The storage site operates under the Public Storage brand name, a California-based firm which also manages the site.
Investment in self-storage sites surged in the immediate aftermath of the COVID-19 pandemic, reaching an all-time high of $13.5 billion in the fourth quarter of 2021, according to a 2025 market report from Chicago-based Cushman & Wakefield.
Transaction volume has leveled off since, but investment interest in the sector remains high, according to the report, citing expected stable capitalization rates even after cuts to interest rates by the federal reserve.
This Framingham transaction was part of a wider three-property deal involving two storage sites in New York. The deal was financed via a $45-million loan from Affinius Capital of Texas, according to a Jan. 9 press release from that firm. Summerland intends to hold the site as a long-term investment.
“This transaction reinforces Affinius’ commitment to financing high-quality assets and expands our footprint in two of the country’s most supply-constrained metropolitan markets, where density, transit access, and diversified demand support the long-term strength of the self-storage sector,” Tyler Figley of Affinius Capital said in the press release. “The institutional sponsorship of Summerland Storage Partners, along with the portfolio’s modern amenities, align with our investment philosophy and long-term vision.”
Financing was arranged by Shawn Hill of The BSC Group, a commercial mortgage banking firm in Boston.
The roughly six-acre property at 71 Bishop St. received a tax assessment value of $18.13 million in 2026, according to municipal property records, with the land accounting for about $1.93 million of that value.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
