(Read more on the industrial market.)
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."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
