BROOKLYN, NY-Sperry Van Ness National has completed the sale of a self storage facility for $10.8 million. The property is located at 160 John St. here.
New York City-based Tuck-It-Away Self Storage was the buyer and Salt Lake City-based Extra Space Storage Inc. with Prudential Real Estate Investors as their investment partner was the seller. The property closed at a price of $119.49 per sf net rentable.
Nick Malagisi, a managing and national director of self storage for Sperry Van Ness, Joseph French, a national director of retail for Sperry Van Ness, along with Neil Golub, an advisor for Sperry Van Ness, represented both the buyer and seller.
The sale included 2,027 units and approximately 89,964 rentable sf. The property closed with an approximate 73% physical occupancy. "This property was placed under contract after just four weeks of being on the market and sold at 98% of the asking price," says Malagisi.
Golub tells GlobeSt.com that the deal took about six months from list to close. "This was one of the owner's extra assets that they weren't really focused on," he says when referring to reasons for selling. "The buyer, Tuck-It-Away is a local based company and will be able to focus on the asset."
Golub adds that "the property is adjacent to Dumbo and just a couple of blocks from Downtown Brooklyn, which is undergoing revitalization."
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