Press Releases
Marcus & Millichap Closes Five-Property Self-Storage Portfolio Sale
May 20, 2024
COLUMBUS, Ohio, May 20, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a StorageBlue self-storage portfolio in Northern New Jersey. The portfolio consists of multiple multi-story assets throughout Hoboken, Jersey City, Union City, Newark, and Garfield New Jersey.
“This sale represents the end of an era for one of the oldest self-storage brands in the Northeast,” said Nathan Coe, senior managing director investments in Marcus & Millichap’s Columbus office and the lead agent involved in the transaction. “Started by Alan Mruvka and others in the early 1990s, StorageBlue has been a staple over the past 30 years in the NYC Metro and Northern New Jersey self-storage market.”
“We are extremely excited for both the seller and buyer on the closing of this large portfolio, especially given the state of the market,” Coe added. “This nearly nine-figure sale is our largest so far in 2024 and demonstrates continued strong buyer demand for self-storage assets. The sale concluded following a highly competitive process with multiple offers from some of the largest private and public self-storage investors in the nation.”
Nathan Coe, Gabriel Coe, and Brett Hatcher of Marcus & Millichap represented the seller. The portfolio contains a mix of climate-controlled and non-climate-controlled units. All have street frontage, outdoor parking, keypad entry systems and 24-hour video surveillance. John Horowitz, senior vice president and division manager is Marcus & Millichap’s broker of record in New Jersey.
“This sale represents the end of an era for one of the oldest self-storage brands in the Northeast,” said Nathan Coe, senior managing director investments in Marcus & Millichap’s Columbus office and the lead agent involved in the transaction. “Started by Alan Mruvka and others in the early 1990s, StorageBlue has been a staple over the past 30 years in the NYC Metro and Northern New Jersey self-storage market.”
“We are extremely excited for both the seller and buyer on the closing of this large portfolio, especially given the state of the market,” Coe added. “This nearly nine-figure sale is our largest so far in 2024 and demonstrates continued strong buyer demand for self-storage assets. The sale concluded following a highly competitive process with multiple offers from some of the largest private and public self-storage investors in the nation.”
Nathan Coe, Gabriel Coe, and Brett Hatcher of Marcus & Millichap represented the seller. The portfolio contains a mix of climate-controlled and non-climate-controlled units. All have street frontage, outdoor parking, keypad entry systems and 24-hour video surveillance. John Horowitz, senior vice president and division manager is Marcus & Millichap’s broker of record in New Jersey.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
