West Caldwell Self-Storage Property Trades for $19.25M
The property features 41,000 square feet of self-storage and 67,000 square feet of industrial/warehouse space.
WEST CALDWELL, NJ—A mixed-use self-storage property here has changed hands in a deal valued at $19.25 million.
James McGuckin, regional manager, and Brian Hosey, broker of record of Marcus & Millichap’s New Jersey office, announced the sale of the self-storage, mixed-use property at 670 Passaic Ave.
Alan Cafiero, Ben Sgambati and Nicholas Bocchi, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller.
The unnamed seller and buyer are private investors, Marcus & Millichap reports. The property features 41,000 square feet of self-storage and 67,000 square feet of industrial/warehouse space.
“Industrial space and self-storage have separately been viewed as two of the most appealing product types in the market with very predictable, durable cash flow,” says Marcus & Millichap’s Cafiero. “The excellent location and quality of the asset drew multiple offers from the marketplace and an all cash closing with a very qualified, local buyer.”