Newmark Knight Frank Self Storage Group has completed the sale of two Class A self storage properties located in the heart of the Northeast, Hartford, CT. The properties totaled 123,600 net rentable square feet and were purchased by a joint venture between two institutional investors.
Newmark Knigh Frank professionals Aaron Swerdlin, Vice Chairman, Kenneth Cox, Executive Managing Director and Taucha Hogue, Director, along with Patrick Lemp of WHSA, LLC. represented the seller, CT Self Stor of Connecticut.
"There was significant interest in the porfolio by a wide pool of potential purchasers including owner/operators. private equity funds as well as traded and non-traded REITs" said Hogue. "Given the facilities' impressive lease up velocity, stong demographics and high quality of construction with superior locations, the purchaser will continue to have success with higher than average lease up and positive rate growth."
"There is a lot of capital actively looking for deals in the self storage industry, as investor confidence in the space remains strong," added Hogue.
The Newmat Knight Frank Self Storage Group provides unmatched brokerage, transaction and financial intermediary services through a deep understanding of the complex self storage property type combined with a unique knowledge of the capital markets and expertise in every aspect of buying, selling, financing, capitalizing and owning a single property or a national portfolio. TheGroup has a combined 50-years' experience in the self storage industry and has led more than $6.8 billion in transaction history across more than 770 properties.