U-Haul® Acquires Wantage Plaza and CubeSmart in Strategic New Jersey Expansion

NEWARK, NJ—Matthews™, a commercial real estate investment services and technology firm, represented the seller in the successful disposition of Wantage Plaza & CubeSmart (managed), a 116,450-square-foot mixed-use retail and storage center, located at 205 NJ-23 in Wantage, New Jersey. Senior Vice President & Associate Director Patrick Forkin and Vice President Rob Cook facilitated the transaction.

The seller, a local private family office, monetized the asset to strategically reposition its holdings through a 1031 exchange. Given the site’s unique offering, Forkin and Cook combined their respective sector expertise and leveraged the firm’s proprietary database to reach a diverse pool of retail and self-storage investors locally and nationally. Generating a competitive bidding environment with multiple offers, Forkin and Cook directly sourced the buyer, AMERCO Real Estate Company (U-Haul). The transaction provided U-Haul an opportunity to expand its market presence through a new location while achieving the seller’s pricing objectives and providing additional time to secure the up-leg of its 1031 exchange.

Situated on approximately 13 acres along NJ-23, the property consists of a 34,292-square-foot shopping center and an 82,158-square-foot self-storage facility. The fully leased retail component features a diverse mix of local and regional service, restaurant, and specialty retail tenants on NNN leases, with tenants occupying the center for an average of 19 years. The self-storage facility, previously managed by CubeSmart, includes 527 climate-controlled units and 108 secured RV and boat parking spaces, with additional land available for future self-storage expansion.

“Through an extensive marketing process across our retail and self-storage platforms, we generated significant interest and multiple offers from qualified buyers,” Forkin said. “That competition allowed us to negotiate the strongest possible deal terms for our client and ultimately achieve their objectives for the sale.”

For more information, please contact Rob Cook and Patrick Forkin or visit www.matthews.com.

About Matthews™

Matthews™, 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 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.