Florida-based self-storage operator iStorage has acquired a Planet Self Storage facility in Burlington, N.J., for $2.97 million. The property at 555 Mitchell Ave. comprises 54,165 rentable square feet in 565 units and was about 70 percent occupied at the time of purchase, according to a press release from MJ Partners Real Estate Services, whose Self Storage Group brokered the deal.
The acquisition comes on the heels of iStorage securing a $50 million revolving line of credit in September as part of a total debt recapitalization. The company indicated it would use the money to fund expansion in addition to general working capital and replacing existing loans.
David E. Kohn, vice president of MJ Partners, represented the buyer and seller in the transaction. Headquartered in Chicago, MJ Partners is a full-service real estate brokerage and investment banking company specializing in commercial real estate, mortgage banking and consulting services. The company's clients include major financial institutions, private equity funds, real estate investment trusts, opportunity funds, insurance companies, pension-fund advisors, corporations, private developers and entrepreneurial businesses.
Planet Self Storage operates about 20 facilities in Connecticut, Massachusetts, New Jersey, New York and Pennsylvania.
iStorage operates 60 self-storage facilities throughout Alabama, Arizona, California, Florida, Georgia, Minnesota, Nevada, New Jersey, Ohio, Pennsylvania and Virginia.