6 Central Ave. in Red Bank — Courtesy: Cushman & Wakefield
By Joshua Burd
A joint venture led by Invesco Real Estate has purchased a nearly 60,000-square-foot self-storage facility in Red Bank, in a transaction arranged by Cushman & Wakefield.
Brokers say the global investment manager and its partner, Baranof Holdings, paid an undisclosed price for the property at 6 Central Ave., which sits just north of the border with Shrewsbury. The deal comes with limited inventory at the 537-unit building, following its completion in 2019 by Tresnan Property Group, with a real estate investment trust serving as the facility’s manager.
C&W’s Noah Obuchowski, Robert Bloch and Mike Mele represented Tresnan in the sale.
“The sale of this REIT-managed self-storage facility represented a unique opportunity to acquire a newly constructed, Class A facility in the New York City metro area in its final phase of lease-up,” said Obuchowski, a director at Cushman. “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. The asset will be a great addition to the buyer’s growing portfolio of self-storage facilities in the Northeast.”
In a news release, the brokerage team said the 59,100-square-foot property has both climate- and non-climate-controlled spaces with easy access through a covered loading area.
“After just 31 months, the asset was 93 percent occupied, which demonstrates the demand for storage in this submarket and the ability to capitalize on excellent returns upon stabilization,” said Bloch, a senior director with Cushman.
