Maya Capital Expands New Jersey Storage Portfolio
- Aug 06, 2020
Maya Capital Partners has finalized the $6.9 million acquisition of a 58,000-square-foot self storage property in Sparta, N.J. Starwood Mortgage Capital provided the acquisition financing, according to Sussex County Records. The new owner has rebranded the property as Sparta Drive-Up Storage and has chosen Evergreen Property Advisors, one of its affiliates, to oversee property management for the asset.
Located on 6 acres at 19 and 32 White Lake Road, the property encompasses 505 units spread across five buildings completed between 1990 and 2000. The facility provides a mix of climate-controlled, non climate-controlled and drive-up access units, security cameras, truck rentals and 24-hour access.
The store is close to the Shops at North Village and Residences at North Village, one of the biggest retail and residential developments in Sussex County in recent years. There are at least four other self storage properties within a 3-mile radius, according to Yardi Matrix.
In June, the self storage market witnessed a reduced number of metros with rent decreases, a sign that the sector may have already borne the brunt of the global pandemic’s effects. In the past 12 months, all top markets surveyed by Yardi Matrix experienced negative rent performance, whereas month-over-month, only 19 percent of markets had negative street-rate performance.