Built in 2019 and in its final phase of lease up, a self-storage facility in Monmouth County managed by a Real Estate Investment Trust has sold.
Cushman & Wakefield announced it arranged the sale of the 59,100-square-foot property at 6 Central Ave. in Red Bank on March 1.
Noah Obuchowski, Robert Bloch and Mike Mele of Cushman & Wakefield represented the seller, Tresnan Property Group, in the transaction. Global real estate investment manager Invesco Real Estate, in partnership with Baranof Holdings, acquired the property.
Financial terms of the deal were not disclosed.
The three-story plus property offers 537 units and a variety of climate- and non-climate-controlled spaces, while a covered loading area offers easy access.
Obuchowski, a director at Cushman & Wakefield, described the sale as a unique opportunity for the buyer.
“The high barriers to entry in Red Bank, New Jersey has led to a limited supply of competition, which has in turn resulted in substantial upward pressure on rental rates,” he said in a statement. “The asset will be a great addition to the buyer’s growing portfolio of self-storage facilities in the Northeast.”
“After just 31 months, the asset was 93% occupied, which demonstrates the demand for storage in this submarket and the ability to capitalize on excellent returns upon stabilization,” added Bloch, a senior director at Cushman & Wakefield.