The Amsdell family of companies has acquired a self-storage facility in Bloomfield, N.J. The facility has more than 90,000 net rentable square feet and will operate under the Compass Self Storage brand name. Financial terms were not disclosed.
The purchase marks the second Amsdell property in New Jersey. The company entered the market last August when it bought a facility in Neptune. The latest transaction was the 14th self-storage acquisition Amsdell completed in 2012.
We are thrilled to continue to grow and expand our business in this market, said Todd Amsdell, president.
The Bloomfield facility is located just off the Garden State Parkway and offers climate-controlled units, four covered exterior loading docks, and a full line of moving supplies and services. The former Peerless Tube Building was converted to self-storage in 2005.
Linda Cinelli, a certified commercial investment member with LC Realty, represented the seller. Cinelli is a broker affiliate of the Argus Self Storage Sales Network, a nationwide network of real estate brokers specializing in self-storage.
The property was sold at a 7 percent cap rate in an all-cash transaction, according to Argus.
Headquartered in Cleveland, the Amsdell Cos. draws its roots from the family-owned construction company founded in 1928. The company, which owns and operates self-storage properties in Florida, Kentucky, Michigan, Mississippi, New Jersey, Ohio, Pennsylvania and Tennessee, has since been active in several billions of dollars worth of real estate ventures with a primary focus in self-storage.
Based in Denver, Argus was formed in 1994 to assist owners and investors of self-storage. The firm has 36 broker affiliates covering nearly 40 markets.