The Amsdell family of companies has acquired Moore Self Storage in Neptune, N.J., near the Jersey shore. The facility has 50,000 net rentable square feet and will operate under the name Compass Self Storage LLC. Financial terms were not disclosed.
The purchase signals the introduction of the Compass brand into the New Jersey market. Amsdell has been very active in recent weeks, purchasing five facilities last month in the area around Memphis, Tenn., and entering the Cincinnati market in June with the purchase of a five-property portfolio.
"We are excited to expand and grow into the New Jersey market," said Todd Amsdell, president. "We look forward to providing quality self storage solutions and services to our new customers."
Converted from a clothing manufacturing building into a self-storage facility in 1997, the New Jersey property offers 499 climate-controlled units, 105 traditional storage units, outdoor vehicle storage, and a full line of boxes and packing supplies. At the time of sale, the facility was 85 percent occupied, according to Marcus & Millichap Real Estate Investment Services which represented the seller..
Moore Self Storage has four remaining facilities, with three in North Carolina and one in Pennsylvania.
Headquartered in Cleveland, the Amsdell Cos. draw 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.
Marcus & Millichap is a commercial property investment services firm prominent in the self-storage industry. The company has more than 1,000 investment professionals in offices nationwide and closed more than 5,000 transactions last year.