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U-Haul International Buys My NJ Self Storage in Manchester, NJ

Phoenix-based self-storage operator U-Haul International purchased My NJ Self Storage, a 35,025-square-foot facility at 2341 Route 70 in Manchester, N.J.

July 29, 2015

2 Min Read
U-Haul International Buys My NJ Self Storage in Manchester, NJ

Phoenix-based self-storage operator U-Haul International purchased My NJ Self Storage, a 35,025-square-foot facility at 2341 Route 70 in Manchester, N.J. The property was sold through auction.com by LNR Partners LLC, the special servicer, on behalf of the owner, GECCMC 2002-2 Route 70 LLC.

The facility comprises six single-story buildings consisting of 96 climate-controlled units, 225 non-climate-controlled units and six uncovered RV-storage spaces. Property features include a customer-service office that sells moving supplies, drive-up unit access, electronic access control and surveillance cameras, according to a press release from JLL (Jones Lang LaSalle) Capital Markets, the investment-management firm that brokered the transaction.

My NJ Self Storage in Manchester, N.J.***JLL Managing Directors Steve Mellon and Brian Somoza of the company’s National Self Storage Team led the JLL team on the deal. “The property was previously underperforming, leaving tremendous upside potential for the new owner,” Mellon said.

Established in 1945, U-Haul International Inc. has more than 40 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.

LNR Partners is a commercial mortgage special servicer that specializes in commercial loan workouts, due diligence and underwriting. The company provides a centralized repository where investors can access detailed information on assets that are currently serviced by LNR, have been resolved in the last two years, or are currently being marketed for sale.

With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices operating in 80 countries and a global workforce of approximately 58,000. The firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet. It completed $118 billion in acquisitions, finance and sales in 2014. Its investment-management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management.

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