REIT Managed Self-Storage, Red Bank NJ

REIT Managed Self-Storage, Red Bank NJ2021-09-17T13:05:51-04:00

Project Description

Cushman & Wakefield has been selected to exclusively market the sale of the REIT Managed Self-Storage in Red Bank, NJ.

OFFERS DUE: 10/5/21

OFFERS DUE: 10/5/21

Price: Market Bid

NRSF: 59,110

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.

INVESTMENT HIGHLIGHTS

  • Rare JCAP funded development with no ROFR attached
  • Premiere Class A institutional asset
  • Exceptional demographics
  • Located in Monmouth County, one of the wealthiest Counties in the country
  • Substantial barriers to enter Red Bank and Monmouth County
  • Capitalize on superior returns upon stabilization
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the REIT Managed Self-Storage - Red Bank, NJ.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.