Strategic Storage Growth Trust III Inc., a private company sponsored by an affiliate of SmartStop Self Storage REIT, has acquired a 65,800-rentable-square-foot storage facility in Eatontown, N.J. Merchants Retail Partners sold the asset that now operates under the SmartStop brand.
Yardi Matrix data shows the property was subject to a construction loan of $9.2 million in 2021, provided by ServisFirst Bank.
The three-story building that sits on 3.1 acres came online in 2022 on the site of a former roller rink. The Class A facility encompasses 730 climate-controlled units, ranging from 80 to 250 square feet. On-site amenities include 24-hour video surveillance, gated access, all-weather loading bay, keypad access and contactless renting.
Located at 97 State Route 35, the property is 53 miles from New York City, 50 miles from Trenton and has access to Garden State Parkway. The facility is one of the 10 available within a 3-mile radius, offering residents 10.9 rentable square feet of self storage space per capita. According to Yardi Matrix data, as of May, seven storage properties changed hands year-over-year in the New Jersey – Central market, totaling 647,624 square feet, all Class A space.
As of May 18, 2023, SmartStop had an owned or managed portfolio of 185 operating storage assets in 22 states and Canada, totaling 128,600 units and 14.7 million rentable square feet. A recent acquisition by SmartStop affiliate Strategic Storage Growth Trust III was announced in March, when a 78,000-square-foot asset traded in Fort Myers, Fla.
