5-10-19

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AIRFIELD, NJ — In a transaction valued at more than $30 mil- F Executive VP Nathin executes seven Fairfield property sales Sheldon Gross Realty brokers NJ transactions totaling $30M

ISSUE HIGHLIGHTS Volume 31, Issue 9 May 10 - 23, 2019

million, that’s the definition of a large transaction,” said Nathin. “It speaks to what an attractive location Fairfield is for businesses, for multiple reasons. There are outstand- ing corporate and warehouse structures throughout the town, and the overall location is remarkable. Fairfield is lo- cated in Essex County, right on the border with Passaic and Morris counties, and is bisected by Rtes. 80 and 46. You can get pretty much anywhere very, very quickly.” Gross added: “After manag- ing and leasing these various properties for 20-plus years, we knew them as well as anyone possibly could. And this was a major benefit to the owners when this opportunity arose. There were no surprises – everything was quite clear, because we were able to answer any question that arose.”  occupancy rates in the sec- tor, which are at an all-time- high at well above 90%,” said Levin. “The FlatRate Storage property, which is nearly fully occupied, also benefits from an- cillary income generated by an in-house moving company that is owned by the seller.” To best leverage this, Levin worked closely with the seller and buyer to negotiate a lease- back through which the seller will continue to operate the moving company, and the buyer will benefit from additional rental income. “By looking at the investment holistically, we were able to demonstrate the value of both business strategies and cre- ate an ideal situation for both buyer and seller,” Levin notes. Located at 856-882 Frel- inghuysen Ave., the facility consists of three buildings, two parking lots, 32 loading docks and five fire pumps, as well as 118 exterior portable units totaling 8,761 s/f resulting in a total of 101,161 rentable square feet property wide. 

SPOTLIGHTS

lion, seven i n d u s t r i a l and o f f i ce / f l ex bui l d - ings located in Fairfield ha v e b e e n p u r c h a s e d by an insti- tutional real

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REGISTRATION DEADLINES December 7, 2018 Early Bird Deadline – Members Save $50 April 26, 2019 Deadline to receive advance registration fee. May 18, 2019 Registrations will be accepted on-site in Las Vegas. Robert Nathin

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134 Clinton Rd.

estate owner. The broker for the sale of these properties – which total 315,800 s/f – was Sheldon Gross Realty ex- ecutive vice president Rob rt Nathin . The scope of the purchase is such t at it likely will have a substantial and immediate impact on commercial real estate values throughout the township. For two decades, these prop- erties on Clinton Rd., Lehigh

Dr., Dwight Pl., and Industrial Rd. were managed by Sheldon Gross Realty executive vice president/property manager Marcy Gross . Specifically, the seven Fair- field properties are: • 134 Clinton Rd./111 Lehigh Dr. – 135,000 s/f (warehouse building) • 130 Clinton Rd. – 60,000 s/f (office building) • 114 Clinton Rd. – 32,000 s/f

(industrial building) • 17-19 Lehigh Dr. – 28,700 s/f industrial building • 112 Lehigh Dr. – 26,800 s/f (industrial building) • 159 Dwight Place – 19,800 s/f (industrial building) • 10 Industrial Rd. – 13,500 s/f (flex building) “When a single town sees the sale of more than 300,000 s/f of office and industrial proper- ties for a total in excess of $30

PLEASE PHOTOCOPY FORM AS NEEDED. Levin Johnston of Marcus and Millichap directs $30Msale of 1,777-unit storage facility inNewark, NJ Title

State/Province NEWARK, NJ — Adam Levin , senior managing irec- Zip/PostalCode

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= tor of Levin J o h n s t o n of arcus a n d M i l - lichap , has successfully directed the $30 million sale of Fla- tRate Stor- Credit Card: Membership I.D.# DateofBirth

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age, a three-building, 1,777- unit self-storage facility with an in-house moving company in Newark. “The self-storage investment market has reached more than $38 billion in annual revenue, based on increased transaction activity that reflects solid fun- damentals within this property type,” said Levin. “In this case, the buyer recognized the tre- mendous opportunity in acquir- ing a stable income-producing asset in a premier metropolitan area.” Levin represented the buyer, SmartStop as well as the seller,

a private investor. Situated on a 6.25-acre lot, the property is located just outside Manhattan and only 3.8 miles from Newark Liberty International Airport. With a population of 720,600 within a five-mile radius, the facility is in close proximity to major eco- nomic drivers including major employers and several leading corporate headquarters, such as Prudential, Panasonic, Au- dible.com and IDT Corporation, among others. “Self-storage properties re- main in very high demand, based in large part on national

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