"This facility was an ideal investment for us," says Norman Feinsein, executive managing director of the Morristown-based Hampshire Cos. "The building's area demographics and additional development opportunities makes this an excellent addition to our portfolio."
This marks the second time in a month that the asset has been "sold." As reported by GlobeSt.com in May, seller Tuck Away Mini Storage, locally based, had a deal on the table to sell the property to the New York City-based Post Storage Management LLC. That deal never cleared, paving the way for Hampshire's acquisition of the property.
Hampshire represented itself in the latest transaction, and brokers from the Sperry Van Ness National Self Storage Team represented the seller. The sale price was not released, but the previous deal with Post Storage had been revealed with a sale price of $8.5 million.
Located near several major highways, including I-78, I-287 and Route 22, the building's site is currently approved for later expansion.
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.
