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CBRE Brokers Sale of Self-Storage Portfolio

MAHWAH, NJ-A team of brokers from CB Richard Ellis arranged the sale of five self-storage facilities and two development sites in New Jersey and New York.

By Maria Wood | Updated on June 23, 2009

MAHWAH, NJ-Five self-storage facilities totaling 410,330 square feet here and in Montville and Hackettstown, NJ; and Central Valley and Poughkeepsie, NY have been sold along with two development sites to the Hampshire Cos. for its Hampshire Fund VII. Jeffrey Dunne of CB Richard Ellis’s New York Institutional Group worked with Steve Hryszko of the firm’s Self Storage Advisory Group to represent the seller, Raia Self Storage, and procure the buyer.

Dunne, who is a vice chairman in the firm’s Stamford, CT office, tells GlobeSt.com that the deal was closed in two phases and took more than a year to complete. The sale of the five properties closed in late 2008, while the sale of the two development parcels–a 7.7-acre site in Denville and 3.5 acres in Hillsborough–was finalized this month. Dunne declined to release the sale price.

According to Dunne, the long time frame to close the deal was due to the need to get approvals from the towns so that the buyer can now develop self-storage properties on the development sites. “The new owner was buying them conditional on obtaining certain approvals. Those approvals have been given, which enabled us to close earlier this month,” Dunne says.

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