Drive-Up Storage, which operates two self-storage facilities on the East Coast, has acquired 21st Century Self Storage in Kearney, N.J., a suburb of Newark. The property at 445 Hickory St. was converted to self-storage in 1996. It’s seven miles west of Manhattan, N.Y., according to a press release from JLL Capital Markets, the commercial real estate and finance firm that brokered the deal.
The facility is single-story building containing 189 standard storage units, 21 of which are climate-controlled, and 219 lockers. It includes a rental office as well as electronic access and video cameras.
The seller was represented in the transaction by JLL Managing Directors Joseph Garibaldi, Steve Mellon and Brian Somoza. “Located in one of the most densely populated metro areas in the country, and recently renovated to add more than 200 locker units, this facility should prove to be an excellent investment opportunity for the new ownership,” Mellon said. Drive-Up Storage owns two other facilities in New Britain, Conn., and Philadelphia. It’s subsidiary of Brooklyn, N.Y.-based Maya Capital Partners LLC, which was incorporated in 2016.
21st Century Self Storage operates three facilities in Miami, Philadelphia and Pennsauken, N.J. It also has two sites under development in Toms River and Ocean Township, N.J., and a third in Henderson, Nev.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. Last year, the firm completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists globally