By Joshua Burd
An investment firm has purchased a 58,000-square-foot self-storage facility in Sparta, marking its second recent acquisition in New Jersey.
The New York-based buyer, Maya Capital Partners LLC, paid $6.85 million for the 505-unit property at 19 and 32 White Lake Road. It has since rebranded the business as Sparta Drive-Up Storage and will manage the property, which is just off Route 15, through its Evergreen Property Advisors affiliate.
“The asset is a great addition to our portfolio and fits perfectly into our core investment strategy,” said Jason Lami, MCP’s managing partner. “At MCP, we focus on acquiring assets in key locations with an opportunity to improve operations with technology.”
Lami noted that the complex features a combination of indoor, climate-controlled and drive-up units. It benefits from a location next to the Residences at North Village, one of Sussex County’s largest retail and residential developments in recent years.
The deal follows MCP’s $68 million acquisition of the former Modera Parsippany, a 212-unit luxury apartment building in Parsippany, as part of a joint venture. The deal closed in April.
“During this challenging global pandemic, we have remained consistent with our strategy since inception, where we seek long-term value by investing in self-storage facilities, as well as stabilized, defensive, Class A multifamily properties in primary markets,” Lami said. “We view this acquisition as a long-term hold, which provides our portfolio with a high-quality asset at an attractive basis and a healthy going-in yield.
“As a firm, we are well-capitalized with strong partnerships and are aggressively seeking new opportunities.”