PISCATAWAY, NJ-A West Coast institutional investor, which was not identified, has acquired the 78,025-sf self-storage facility at 4100 New Brunswick Rd. here for just over $8.3 million, a sale price that factors out to $107 per sf (net rentable). The seller was a New Jersey-based partnership, which was similarly not identified.
Both sides were represented by Nick Malagisi of Sperry Van Ness/Storage Realty of Williamsville, NY. The three-story facility is new construction, recently completed by the seller. It contains a total of 898 rental units and is 100% climate controlled, according too Malagisi. The seller began construction in 2005 and the facility opened for business earlier this month.
"The owners of the property have maximized their return on investment by selling the property now, upon completion, rather than wait two to three years," Malagisi says. "They sold rather than absorb the rent-up risk."
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