Newark FlatRate Storage facility fetches $30M

New York /
May.May 07, 2019 03:15 PM

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]


Related Articles

arrow_forward_ios
Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
Hartz buys Newark Airport hotel for $34M, plans demolition
Hartz buys Newark Airport hotel for $34M, plans demolition
Don Ghermezian with American Dream Mall (Getty)
Triple Five’s American Dream misses $9M payment
Triple Five’s American Dream misses $9M payment
Verco Properties' John Verni with 227-239 Harrison Avenue (Twitter, Google Maps)
Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester
Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester
Tesla's Elon Musk and 1350 Corporate Drive in Westbury (Mattone Investors, Getty)
Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
A photo illustration of Samsondale Plaza in West Haverstraw (Royal Properties)
Tri-state deals: Retail and multifamily sales and a waterfront district
Tri-state deals: Retail and multifamily sales and a waterfront district
Triple Five Group CEO Don Ghermezian and American Dream Mall in East Rutherford (RSM Design, Triple Five Group, Arkyan, CC BY-SA 3.0 - via Wikimedia Commons, iStock)
Towns demand American Dream mall fork over $9M
Towns demand American Dream mall fork over $9M
200 Metro Boulevard in Nutley NJ, Prism Capital Partners' Eugene Diaz and Newmark Group Chairman Howard Lutnick (Prism Capital Partners, Loopnet, Getty Images)
Cantor Fitzgerald buys big pharma office building for $132M
Cantor Fitzgerald buys big pharma office building for $132M
Don Ghermezian, CEO, Triple Five Group, in front of the American Dream Mall in East Rutherford (Triple Five Group, American Dream Mall)
American Dream mall can’t catch a break
American Dream mall can’t catch a break
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...