By Joshua Burd
An investment group has acquired a 158,000-square-foot warehouse and self-storage building in Newark, where it’s planning a series of upgrades and a new marketing campaign.
The firm, SmartStop Asset Management LLC, said the property at 99 Evergreen Ave. includes 1,900 self-storage units and 58,000 square feet of warehouse space. The company closed on the 6.25-acre property through its public, nontraded real estate investment trust known as Strategic Storage Trust IV Inc.
Terms were not disclosed.
“The trade area is densely populated with a lower square foot supply per capita,” said Wayne Johnson, SmartStop’s chief investment officer. “We intend to significantly upgrade the offices, the interiors and exteriors of the facility and implement an aggressive marketing campaign.
“This facility aligns well with our investment criteria and we expect it to be a valuable addition to Strategic Storage Trust IV’s rapidly growing portfolio.”
The deal is the latest addition for the REIT, which owns 16 self-storage facilities comprising about 11,000 units and 1.3 million net rentable square feet of storage space. The investment vehicle also has two parcels of land under development.
