Marcus & Millichap on Monday said it sold a self-storage/mixed-use property in West Caldwell for $19,250,000.
James McGuckin, regional manager, and Brian Hosey, broker of record of the firm’s New Jersey office, announced that Investment Specialists Alan Cafiero, Ben Sgambati and Nicholas Bocchi had the exclusive listing to market the property on behalf of the seller and buyer, both private investors.
The property is located at 670 Passaic Ave. and has a unique combination of 41,000 square feet of self-storage and 67,000 square feet of industrial/warehouse space.
“Industrial space and self-storage have separately been viewed as two of the most appealing product types in the market with very predictable, durable cash flow,” said Cafiero. “The excellent location and quality of the asset drew multiple offers from the marketplace and an all cash closing with a very qualified, local buyer.”