Malagisi and Hardisty of SVN’s National Self Storage Team facilitate 50,350 s/f storage facility sale

 

 

Fairview, NJ 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 of a 50,350 s/f facility with 508 drive up storage units. The land is also approved for an 80,000 s/f 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. 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.

“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.”