New York Storage Asset Trades for $18M
In 2016, seller and developer DealPoint Merrill financed the 685-unit project in Nanuet with a $6.8 million loan from Standard Insurance.
DealPoint Merrill has completed the $18.3 million disposition of a Class A self storage facility spanning 51,800 rentable square feet in Nanuet, N.Y. A private investor purchased the fully climate-controlled facility. At the time of the sale, CubeSmart oversaw property management for the asset, Yardi Matrix data shows.
Located on 2 acres at 20 N. Middletown Road, the two-story property opened its doors in 2016. In May 2015, the seller and developer acquired the land for $3.6 million from a private investor, according to Rockland County records. In July 2016, Standard Insurance Co. originated a $6.8 million construction loan for the project.
The facility has 685 units ranging from 20 to 390 square feet. The property has video monitoring, truck rentals and sells packing and moving supplies. There are at least five other self storage facilities encompassing more than 300,000 square feet within a 3-mile radius, Yardi Matrix shows.
Situated a short distance from Interstate 287, the site is proximate to the busy retail corridor along State Route 59 which includes The Shops at Nanuet, a 750,000-square-foot mall owned by Simon Property Group and the 255,542-square-foot Rockland Plaza owned by Brixmor.