Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Central Self-Storage located in Toms River, New Jersey for $5.2 Million according to Spencer Yablon, Vice President/Regional Manager of the firm’s Philadelphia Office. The Property was built in 2006 and consisted of 480 units totaling 45,630 net rentable square feet.
Self-storage investment sales specialist Richard A. Schontz, along with Christopher Munley of Marcus & Millichap’s Philadelphia office, with assistance from Michael Fasano, New Jersey Broker of Record, represented the Seller and procured the Buyer, a publically registered non-traded REIT. The Buyer was selected after a national marketing campaign yielded numerous offers from regional and national self-storage operators. “Despite the fluctuation in interest rates, the self-storage sales market remains red hot,” noted Schontz. “We received several bids for this asset within two weeks at or near the asking price with the winning bid coming at the asking price with very strong terms. I can’t image the market will remain this way forever. Self-storage property owners considering a sale in the next five years would be wise to put their properties on the market today, before the market cools off,” he added. Marcus and Millichap’s National Self-Storage Group closes more self-storage transactions than any brokerage firm nationally.
About Marcus & Millichap
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally. For more information, please visit: www.MarcusMillichap.com]]>