Cayre Equities, parent company of Treasure Island Storage, sold a self-storage facility in Cherry Hill, NJ for $7.25 million.
The real estate company also sold a retail strip adjacent to the facility for $6.28 million.
The storage facility, located at 101 Church Road, was purchased by Extra Space Storage. The facility spans 98,214 square feet and offers 762 climate-controlled units. Cherry Hill is a suburb of Philadelphia, PA.
Paragon Realty Group purchased the 107,390 square foot retail center, which is fully leased to Ashley Furniture HomeStore and Ollie’s Bargain Outlet.
Two easy pieces
Richard Schontz, managing director at HFF, represented the storage property for the seller along with Director Barbary Guffey. Schontz said they decided to split what was previously a single property into two pieces to get the best price possible.
“We were able to offer the property to the market as one asset or individual assets and uses, which allowed us to access the appropriate buyer pool for each use” Schontz said.
As a result of chasing separate buyers, Schontz said they yielded 15 offers, which came in at a premium to the sale price.
Chris Munley of HFF represented Cayre in the sale of the retail piece.
Cayre sold four Treasure Island facilities in NJ to Sovran Self Storage in 2014. It has been using funds from dispositions to ramp up development in New York City where it has four developments underway. It currently operates five facilities in the New York City metro area, including two in New Jersey.
