Extra Space Storage Inc., a self-storage real estate investment trust, purchased a self-storage facility in North Bergen, N.J., for $18.35 million, or about $196 per square foot.
Extra Space Storage had been managing the property for North Bergen Mini Storage LLC at the time of the sale. The facility, 7020 Kennedy Blvd., was built in 1970. The 93,664-square-foot building has 1,411 storage units, 1,303 of which are occupied. No brokers were involved in the sale.
Headquartered in Salt Lake City, Extra Space Storage is a real estate investment trust that owns or operates 854 self-storage properties in 34 states and Washington, D.C. The company's properties comprise approximately 550,000 units and more than 60 million square feet of rentable storage space.