Adam Levin, senior managing director of Levin Johnston of Marcus and Millichap, announced he has successfully directed the $30 million sale of FlatRate Storage, a three-building, 1,777-unit self-storage facility with an in-house moving company in Newark.
“The self-storage investment market has reached more than $38 billion in annual revenue, based on increased transaction activity that reflects solid fundamentals within this property type,” says Levin. “In this case, the buyer recognized the tremendous opportunity in acquiring a stable income-producing asset in a premier metropolitan area.”
Levin represented the buyer, SmartStop – a national real estate company with $1.9 billion of real estate assets under management including 129 self-storage facilities – as well as the seller, a private investor.
Situated on a 6.25-acre lot, the property is located just outside Manhattan and only 3.8 miles from Newark Liberty International Airport – the second-busiest airport in the New York metro area. With a population of 720,600 within a five-mile radius, the facility is in close proximity to major economic drivers including major employers and several leading corporate headquarters, such as Prudential, Panasonic, Audible.com and IDT Corp., among others.