Bell Tower Mini Storage, a self-storage facility in Haledon, N.J., sold in November for $750,000. Built in 1894, the building once served as the Kossuth Street School. Converted to self-storage in 1980, the facility encompasses 17,224 rentable square feet. The original bell that was rung to call children to the school still sits atop the building. The structure was added to the National Register of Historic Places on April 10, 1980, according to Wikipedia.
Bell Tower Mini Storage has an onsite manager, offers a tenant-insurance program, and sells packing, shipping and moving supplies. Its currently managed by Storage Asset Management, a third-party management company that oversees approximately 30 self-storage properties and three UPS Stores along the East Coast.
The self-storage real estate transaction faced delays due to property conditions that needed to be repaired after Hurricane Sandy in 2012. The buyer is an experienced operator who was attracted to the aggressive capitalization rate the real estate transaction provided, according to a press release from the Argus Self Storage Sales Network. Linda Cinelli of LC Realty represented the seller. Cinelli is the Argus Self Storage Sales Network broker affiliate for the northern New Jersey, New York City and Long Island, N.Y., markets.
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.