At a foreclosure auction, U-Haul bid more than $3 million to buy the 35,025-square-foot self-storage facility at 2341 Route 70 in Manchester, NJ.
The lender repossessed the facility, formerly My NJ Self Storage (pictured at top), as a result of a defaulted CMBS loan. The purchase price paid by U-Haul is nearly double the delinquent loan balance of $1.55 million, as reported by Trepp.com. The loan was issued by GE Capital Commercial Mortgage Corp. in 2002.
Auction.com conducted the sale. Steve Mellon and Brian Somoza of JLL handled the deal. LNR Property was special servicer of the loan.
“The property was previously underperforming, leaving tremendous upside potential for the new owner,” Mellon said.
The facility features six single-story buildings with 321 units.
Storage Pros Self Storage
Farmington Hills, MI-based Storage Pros Self Storage purchased the 74,783-square-foot facility at 8321 Pines Blvd. in Pembroke Pines, FL.
Storage Pros paid $8.9 million for the facility, according to local property records. The seller, Miami, FL-based Ireland Companies, paid $6 million for the property in 1999.
Steve Mellon and Brian Somoza of JLL represented the seller.
The 1,020-unit facility previously operated as University Self Storage. Storage Pros plans to upgrade the facility, according to JLL.
Irvine, CA-based Trico Investments bought the 36,977-square-foot self-storage facility at 1121 E. Commercial Blvd. in Fort Lauderdale, FL, for $2.52 million, according to property records.
The operator has rebranded the facility as Lighthouse Self Storage. Trico plans to demolish one of the existing buildings and replace it with a new multistory building.
New York City, NY-based W.P. Carey purchased the 60,420-square-foot facility at 1435 Center St. in Leesburg, FL, for $3.7 million. The facility, formerly Leesburg Self Storage, offers 488 units. CubeSmart now manages the facility.
The seller, Leesburg Self Storage LLC, purchased the facility in 2008 for $2.4 million according to property records.
For more information about W.P. Carey’s recent acquisitions, visit news.sparefoot.com/1613-w-p-carey-acquisitions-2015.
Other notable deals
- Cleveland, TN-based Chandler Properties purchased the 152-unit self-storage facility at 1692 S. Lee Highway in Cleveland, TN, for an undisclosed amount. The facility had operated as Store Your Stuff Storage and has been rebranded as Chandler Storage-South Lee.
- Keep Safe LLC purchased the 64,896-square-foot self-storage facility at 1360 State Route 131 in Milford, OH, for $1.7 million. Brett Hatcher of Marcus & Millichap represented the seller, CB Rentals LLC.
- Sandusky Self Storage LLC purchased the 401-unit facility at 2908 Venice Road in Sandusky, OH, for $1.2 million. Brett Hatcher and Joseph Holloway of Marcus & Millichap arranged the transaction.
- Moonlight Partners LLC purchased the 45,285-square-foot facility at 1209 E. Belt Line Road in DeSoto, TX. The facility was acquired with a $1.7 million loan from Northeast Bank. The seller was U Store Ltd. Brandon Karr and Danny Cunningham of Marcus & Millichap arranged the transaction.
- San Antonio, TX-based Stuff Hotel purchased two self-storage facilities in Fort Worth, TX, operating as VIP Self Storage. The facilities are at 6129 Vega Drive and 9220 Oak Grove Drive. Stuff Hotel obtained $1.4 million in financing from Crockett National Bank for the purchase, property records show. Austin, TX-based Bellomy & Co. arranged the deal.
- Utah-based CRC A-1 Discount Mini Storage purchased the 43,462-square-foot facility at 16617 Kuykendahl Road in Houston, TX, from Lively Arcola Inc. The buyer financed the purchase with a $1.36 million loan from Zions First National Bank. The facility offers 308 units. Craig Rice of CSD Realty Co. brokered the deal.