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Lackland Self Storage
Published: Wednesday, August 13, 2008
The Sperry Van Ness National Self Storage Team Completes the Sale of Two Self Storage Facilities for $13,049,800.
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 two self storage facilities for $13,049,800. The properties are located at 535 Route 30, East Windsor, New Jersey and 268 Gatzmere Avenue, Jamesburg, New Jersey.
Nicholas J. Malagisi, national director of self storage for Sperry Van Ness International in Williamsville, NY, teamed with John Fletcher, advisor for Sperry Van Ness/Commercial Realty in Williamsville, NY and Joseph C. French, Jr., senior advisor for Sperry Van Ness in White Plains, NY, to represent the buyer, New Jersey-based Lackland Self Storage, and the seller, a New Jersey-based limited partnership. The properties closed at a price of $82.95 per square foot net rentable.
“This was a transaction that fell out of contract twice during the recent capital market problems, but came back to life because of a motivated seller and determined buyer,” says Malagisi.
The facilities feature a combined total of 1,185 rental units and approximately 157,325 rentable square feet. At the time of sale, the properties were 82% occupied.
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 directly to self storage 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.