On behalf of ownership, Cushman & Wakefield is pleased to offer for sale, REIT Managed Self-Storage – Red Bank, NJ.
This offering presents the rare opportunity to obtain a newly constructed Class A, facility within Monmouth County, NJ. Recent changes in migration trends have highlighted the suburbanization of many major markets around the USA, with city dwellers moving from the urban core and relocating their families to suburbs in the surrounding communities. This opportunity provides the ability to capitalize on this new normal. The asset provides over 59,000 Net Rentable Square Feet in one of the nation’s most dynamic markets. As of the date of publication, the facility is 93% physically occupied at favorable rental rates, after just 31 months of lease up.
This facility is a three-story plus cellar, Class A storage asset in Red Bank, New Jersey currently in its final phase of lease-up. The facility, located at 6 Central Ave, Red Bank, New Jersey offers 59,110 net rentable square feet among 537 units. The facility, which opened February 2019, is strategically located within Red Bank township in Monmouth County. This REIT Managed facility offers tenants a wide variety of premium climate controlled and non-climate units in with easy access via a covered loading area. After only 31 months, the asset is 93% physically occupied and 62% economically occupied. The expeditious lease up demonstrates high storage demand in this sub-market. This opportunity to acquire a brand-new storage asset within its final phase of lease-up, allows an investor the ability to capitalize on superior returns upon stabilization.
Red Bank, a vibrant town on the Northern Eastern Shore of New Jersey, is located on the beautiful Navasink River. A commuter town to New York City and Northern New Jersey via NJ Transit, Red Bank offers fine arts and galleries, world class shopping, gourmet and casual dining, premier residential and commercial real estate properties and theater and performing arts. Red Bank is experiencing a multifamily housing boom as well as a transit village renovation.