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Marcus & Millichap arranged the sale of a self-storage facility with 322 units in Phillipsburg.
According to a March 6 announcement, investment specialists in the real estate brokerage’s Columbus office exclusively listed the property on behalf of the limited liability company seller. In addition to Senior Associate Luke Dawley and Senior Managing Director Investments Nathan Coe, Brett Hatcher and Gabriel Coe, New Jersey Broker of Record John Horowitz assisted in closing the transaction. Additional terms were not disclosed.
In a statement, Dawley, the lead agent on the deal, spoke of the self-storage sector’s standing in the state. “We are excited to close another New Jersey self-storage property with a seamless sale process for both and seller,” he said. “This sale is another testament to the strength of the storage market across New Jersey today.”
Last fall, commercial real estate investment services and technology firm Matthews said self-storage development was on the rise across the Garden State. At the time, self-service facilities represented more than 32 million square feet of storage space in New Jersey, according to the regional report.
Looking ahead, Matthews expects the need for storage to persist as more people rent for longer periods of time.
Built in 2018, the Access Self Storage facility in Phillipsburg sits on nearly 1 acre of land. The 18,074-square-foot building offers 322 climate-controlled units.
Marcus & Millichap highlighted the area’s affluent, dense and growing surrounding population base. In fact, the most populous town in Warren County, Phillipsburg is 30 minutes from the Pocono Mountains, about 18 miles from Allentown, Pa., and halfway between Philadelphia and New York City.
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