CubeSmart Self Storage Sale

 

Millstone, NJ —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, closed the $10,375,000 sale of a CubeSmart facility located at 550 Monmouth Road, Millstone, NJ. Matthews™ Associate Market Leader Milton Braasch II, Senior Associate Ben Tracy, and Vice President and Director Simon Assaf represented the seller in the transaction.

 

The self-storage facility, which sits on over 10 acres, was developed in three phases throughout 2021 and 2022, ultimately finishing in 2023. The facility has 59,605 net rentable square footage and 488 total units, 340 of which are climate-controlled and 148 non-climate-controlled. The seller of the site was the original developer. The sale closed with no retrades or extensions within a 60-day escrow period.

 

“The property was listed by a competing brokerage in 2023 but didn’t trade,” Braasch said. “We took on the opportunity and secured a competitive offer, ultimately closing at a sub-3% cap rate, beating the market standards.”

 

Matthews™ sourced the buyer from the company’s proprietary database.

 

“This was a rare and valuable opportunity for the buyers,” Tracy said. “Recently delivered, high-quality assets that also feature REIT management are far, and few in between in the Northeast market, and Monmouth Road offered exactly that. Happy to get this deal across the finish line for both parties.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.