Newark FlatRate Storage facility fetches $30M

May 07, 2019 03:15PM

Marcus & Milichap closed the sale of a 1,777-unt self-storage facility in Newark last week. According to NJBIZ, M & M represented the seller and the buyer, a SmartStop-sponsored REIT, who paid $30 million for the facility. The brokerage also facilitated a leaseback to the moving company seller to continue operations, according to CP Executive. The property, located at 856-882 Frelinghuysen Avenue, comprises three buildings, two parking lots and 32 loading docks. The facility sits on 6.25 acres, 3.8 miles from Newark Liberty International Airport. SmartStop manages $1.9 billion in assets, including 129 self-storage facilities. According to a news release from SmartStop, the REIT, Strategic Storage Trust IV, Inc., is a non-traded vehicle that focuses on the acquisition of stabilized and growth self-storage properties. Assets in the REIT include 16 self-storage facilities comprising 1.3 million net rentable square feet of storage space. SmartStop, an asset manager based in Southern California, acquired an 870-unit facility in Pembroke Pines, Florida, in early 2018. As reported by The Real Deal, a Delaware limited a liability company represented by New Jersey-based Hampshire Real Estate Cos., traded the property to a REIT sponsored by SmartStop for $15.7 million. [NJBIZ]