Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, has acquired Treasure Island Storage in Cherry Hill, N.J., for $7.25 million. The three-story facility comprises 92,214 net rentable square feet in 762 units and 13 vehicle-parking spaces. The property was purchased from Cayre Equities, a real estate investment and development firm, which also sold an adjoining retail asset to a separate buyer, according to a press release by HFF (Holliday Fenoglio Fowler LP), which represented the seller in both transactions.
The two properties comprise 9.38 acres at 101 Church Road and are across the street from the Cherry Hill Mall. There are 280,941 residents living within a five-mile radius, with an average annual household income of $81,000, the release stated. Cherry Hills is about five miles from Philadelphia.
The self-storage facility features commercial loading docks, a ground-floor loading area and a retail center for packing and moving supplies.
The HFF team that brokered the self-storage sale was comprised of Barbara Guffey, director, and Richard Schontz, managing director. Chris Munley, managing director, led the team that brokered sale of the Treasure Island Retail property, which was acquired by an affiliate of Paragon Realty Group LLC for $6.275 million.
The retail property comprises 107,390 square feet and is leased by Ashley Furniture HomeStore and Ollie’s Bargain Outlet.
HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 22 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.
Headquartered in Salt Lake City, Extra Space owns or operates 1,170 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 787,000 units and 87.1 million square feet of rentable space.