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Extra Space Storage-Brooklyn, NY
Published: Wednesday, July 25, 2007
The Sperry Van Ness National Self Storage Team Completes the Sale of Extra Space Storage for $10.75 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 $10.75 million. The property is located at 160 John Street in Brooklyn, NY.
Joseph French, national director of retail for Sperry Van Ness, and Neil Golub, advisor for Sperry Van Ness both in White Plains, NY, teamed with Nick Malagisi, managing director and national director of self storage for Sperry Van Ness in Williamsville, NY, to represent both the buyer, New York-based Tuck-It-Away Self Storage, and the seller, Salt Lake City-based Extra Space Storage and investment partner, Prudential Real Estate Investors. The property closed at a price of $119.49 per square foot net rentable.
"This property was placed under contract at a price 98 percent within the asking price and within four weeks of going to the market," said Malagisi.
The sale included 2,027 units and approximately 89,964 rentable square feet. The property closed with an approximate 73 percent physical occupancy.
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.svn.com.