SmartStop Buys 228 KSF Portfolio Near NYC
The pair of multi-story self storage assets previously traded in 2021.
SmartStop Self Storage REIT has acquired a two-property portfolio in the New York Metropolitan Area, totaling 227,700 net rentable square feet. The facilities are in Clifton, N.J., and Hillside, N.J.
It is not the first time these two properties have been sold together. Former owner RXR Realty bought the self storage facilities, along with a third one in Rochelle Park, N.J., in 2021, from Quinlan Development Group, according to Yardi Matrix information. Both properties are managed under the CubeSmart Self Storage brand, the same data provider shows.
The self storage assets are both roughly 17 miles from Manhattan and less than 12 miles from one another.
Convenient location near New York City
Completed in 2021, the three-story property in Clifton is at 1204 Broad St., with approximately 158,800 vehicles transiting the area daily, on State Highway 3 and Broad Street. The building features 116,100 net rentable square feet and climate-controlled units ranging in size from 20 to 272 square feet. The facility is one of 14 on a 3-mile radius, offering residents some 4.6 rentable square feet per capita.
The Hillside property is at 591 N. Union Ave., near Garden State Highway, in an area with a daily traffic count of approximately 202,281 vehicles. The six-story building came online in 2019 and features 111,600 net rentable square feet with non-climate-controlled drive-up units and interior climate-controlled ones. Unit sizes vary between 25 and 350 square feet. There are 15 other self storage facilities within a 3-mile radius, offering residents 3.8 rentable square feet per capita.
Last month, SmartStop Self Storage REIT acquired another Class A facility. Guardian Storage sold the 740-unit property in Aurora, Colo. for $14.7 million.
