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Nick Malagisi, SIOR and National Chair of the SVN National Self Storage Team and his colleague Hans Hardisty, CCIM, Senior Advisor and Managing Director, just completed the sale a 50,350 sq. ft. facility with 508 drive up storage units in Fairview, NJ. The land is also approved for an 80,000 sq. ft. climate-controlled building. The sale price was not disclosed.
The facility located at 51 Broad Ave offered the buyers stabilized cash flow with 92% occupancy at the time of sale. Strategically located less than 12 miles outside of New York City in between the George Washington Bridge and the Lincoln Tunnel, the site also has 152,000 people within a 2-mile radius of the facility, providing a robust source of potential customers.
“The displacement of employees from an office to home over the last two years, along with a robust housing industry, fueled by record low interest rates and the Millennial generation coming of age; and people relocating from center city to suburban areas, all contributed to this increased demand for self storage and introduced a new segment of the population that had never used self storage before,” said Malagisi. “These market conditions continue to drive demand for self storage, as well as interest from institutional investors, family offices and individual investors/operators to add self storage facilities to their portfolios. This is a value-add opportunity for one of the premier operators, Store Space, to increase their presence in the metro New York City market.”
About SVN®
The SVN® organization is a globally recognized commercial real estate entity united by a shared vision of creating value with clients, colleagues, and our communities. The SVN® brand is comprised of over 1,620 Advisors and staff in more than 200 offices across the globe in six countries. Our brand pillars represent the transparency, innovation, and inclusivity that enables all our Advisors to collaborate with the entire real estate industry on behalf of our clients. SVN’s unique Shared Value Network® is just one of the many ways that SVN Advisors create amazing value with our clients, colleagues, and communities. For more information, visit www.svn.com. All SVN offices are independently owned and operated. To learn more about becoming an SVN commercial real estate business owner, visit https://www.svn.com/franchise/.
About SVN’s National Self Storage Team
The SVN National Self Storage Team specializes in the brokerage, valuation analysis, marketing, financing, and development consulting of self-storage assets across the United States. The seasoned team of commercial real estate investment brokers are focused exclusively on self-storage and specialize in recognizing self storage investment opportunities for their clients, from locating sites for new build construction to ground up development joint ventures to delivery of Certificate of Occupancy deals to listing & disposition of stabilized assets. With advisors in major markets from coast to coast, clients benefit from the unique combination of SVN’s robust national platform and the local market expertise to provide buyers and sellers with the latest, most critical self storage information in a rapidly evolving market. For more information, visit https://svnstoragerealty.com/.
