Marcus & Millichap recently brokered the sale of five StorageBlue self-storage properties in Hoboken, Jersey City, Union City, Newark and Garfield. — Courtesy: Marcus & Millichap
By Joshua Burd
A portfolio of five self-storage buildings in northern New Jersey has changed hands for what brokers say is a nearly nine-figure price, in a deal arranged by Marcus & Millichap.
According to a news release, the collection of StorageBlue properties in Hoboken, Jersey City, Union City, Newark and Garfield traded as part of an offering that drew broad interest from private and public operators. Each of the multistory buildings has street frontage, outdoor parking, keypad entry systems and 24-hour video surveillance, the brokerage team said, adding that the portfolio contains a mix of climate-controlled and non-climate-controlled units.
“This sale represents the end of an era for one of the oldest self-storage brands in the Northeast,” said Nathan Coe, senior managing director for investments in Marcus & Millichap’s Columbus, Ohio, office and the lead agent in the transaction. “Started by Alan Mruvka and others in the early 1990s, StorageBlue has been a staple over the past 30 years in the NYC metro and northern New Jersey self-storage market.”
Coe represented the seller alongside Marcus & Millichap’s Gabriel Coe and Brett Hatcher. John Horowitz, senior vice president and division manager, is the firm’s broker of record in New Jersey. Additional details were not immediately available.
“We are extremely excited for both the seller and buyer on the closing of this large portfolio, especially given the state of the market,” Coe added. “This nearly nine-figure sale is our largest so far in 2024 and demonstrates continued strong buyer demand for self-storage assets. The sale concluded following a highly competitive process with multiple offers from some of the largest private and public self-storage investors in the nation.”
