REIT buys Newark’s three-building FlatRate Storage complex for $30M

May 07, 2019 05:27PM

Marcus & Millichap closed on the $30 million sale of a 1,777-unt, self-storage facility in Newark last week, according to NJBIZ. The brokerage represented the seller and the buyer, a real estate investment trust sponsored by SmartStop Asset Management, which acquired the FlatRate Storage complex. Marcus & Millichap also facilitated a leaseback to the REIT to continue FlatRate’s operations, according to Commercial Property Executive. The three-building property, located at 856-882 Frelinghuysen Avenue, also includes two parking lots and 32 loading docks. The 6.25-acre facility is located 3.8 miles from Newark Liberty International Airport. SmartStop manages $1.9 billion in assets and operates 129 self-storage facilities throughout the country and Canada. Strategic Storage Trust IV, a non-traded REIT controlled by Orange County, California-based SmartStop, operates 16 self-storage facilities comprising 1.3 million net rentable square feet of space. The Real Deal reported last year on a $15.7 million purchase of an 870-unit storage facility in South Florida to SmartStop’s Strategic Storage Trust. [NJBIZ]