Marcus & Millichap sells Safeguard Self Storage portfolio for $24.8 million; Mele, Menendez and Asencio rep seller

Baldwin, NY Marcus & Millichap, one of the leading commercial real estate investment services firms with offices throughout the United States and Canada, has arranged the sale of a two-property, self-storage portfolio in the New York metropolitan area - one on Long Island and the other in New Jersey - for a total of $24.8 million. The properties are the 613-unit Safeguard Self Storage in Baldwin, N.Y., which sold for $11.9 million, and a 690-unit Safeguard Self Storage in Ridgefield, N.J., which sold for $12.9 million. Michael Mele, in Marcus & Millichap’s Tampa office, along with Kevin Menendez in the firm’s Manhattan office and Anthony Asencio in the New Jersey office, represented the seller, Safeguard Self Storage. Mele procured the buyer, Cubesmart. J.D. Parker, broker of record, New York and New Jersey, facilitated the closing of this transaction. “This was a great opportunity to acquire two institutional-quality facilities in the New York metropolitan area, with significant cash flow,” said Mele.  “Most of what we are seeing trade in this market right now are development deals.” The Baldwin facility is located on 2.77 acres at 1170 Atlantic Ave., one mile south of Sunrise Highway. At the time of the sale, the 61,580-net-rentable s/f property was 90% physically occupied and 86% economically occupied. The facility in Ridgefield is located on 1.21 acres at 552 Grand Ave., 2.4 miles southwest of Interstate 95 and approximately 35 minutes northwest of New York City. The 66,503-net-rentable s/f property includes a 1,500 s/f, three-bedroom apartment and a 1,800 s/f space that was previously leased by a dance studio. The property was 86 percent physically occupied and 90 percent economically occupied at the time of the sale.