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Berkeley Public-Berkeley Heights, NJ
Published: Wednesday, April 23, 2008
The Sperry Van Ness National Self Storage Team Completes the Sale of a Self Storage Facility for $8.5 Million.
The Sperry Van Ness National Self Storage Team, an elite group of investment brokers specializing in the marketing, sale, disposition and acquisition of self storage properties throughout the U.S, has completed the sale of a self storage facility for $8.5 million. The property is located at 310 Snyder Avenue in Berkeley Heights, NJ.
Nicholas J. Malagisi, national director of self storage for Sperry Van Ness International, teamed with Costas Hrousis, senior self storage advisor for Sperry Van Ness in Allentown, PA, to represent the buyer, New York-based Post Storage Management, LLC, and the seller, New Jersey-based Tuck Away Mini Storage, Inc. The property closed at a price of $166.11 per square foot net rentable.
“Despite the turmoil in the capital markets, there are always buyers with capital for good quality projects,” says Malagisi. “We are seeing a significant number of buyers step up to purchase properties and continue to build on their portfolios.”
The state-of-the-art facility features 661 climate controlled rental units and approximately 51,171 rentable square feet. The property also has full approvals for expansion of 11,000 square feet.
Formed in 2005, the Sperry Van Ness National Self Storage Team consists of senior investment advisors specializing in the marketing, sale, disposition and acquisition of self storage properties nationwide. The team utilizes local market expertise to provide clients with the most critical information in a specific market to strengthen the transaction process. By leveraging an appropriate advisor in each market, the team creates an unprecedented synergy for its clients. Sperry Van Ness is the only national firm that in addition to marketing to self storage investors and outside investors, implements an immediate proactive strategy to market all listings to the entire brokerage community. Collectively, the team has brokered the sale of over $400 million in self storage real estate based on total transaction volume. For more information, or to find a representative in your market, please call (800) 304-0442 or visit www.storagerealty.com.
Founded in 1987, Sperry Van Ness is one of the largest and fastest-growing commercial real estate brokerage firms in the industry, with more than 990 advisors in over 150 locations. The firm is built to immediately market every one of its clients’ properties to the entire brokerage community. Sperry Van Ness delivers results for clients through a proven business model that provides advanced marketing and technology tools. Based in Irvine, Calif., the firm operates internationally and provides brokerage, consultation, asset management, property management, leasing, accelerated marketing, and auction services. Sperry Van Ness transactions total billions of dollars annually in office, multifamily, retail, industrial, self-storage, hospitality and land transactions. For more information, please visit www.svn.com.