Phoenix-based U-Haul International Inc. has purchased a 4.7 acre self-storage development site in Howell, N.J., for $850,000. Located along U.S. Route 9, the property is approved for 118,000 square feet of storage space. The sellers had originally obtained the entitlements to develop storage on the site themselves but decided to move in a different direction and list the land for sale, according to a press release from the Argus Self Storage Sales Network, the commercial real estate firm that brokered the transaction.
The project offered significant upside for the buyer, including high visibility, good demographics and a high traffic count, the release stated.
The broker was Linda Cinelli, founder of LC Realty and an Argus affiliate for New Jersey and New York.
Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
Established in 1945, U-Haul has more than 44 million square feet of storage space at more than 1,200 owned facilities throughout North America.