Maya Capital Partners acquires Sparta Drive-Up Storage in Sparta, NJ
Maya Capital Partners, a real estate investment firm based in New York City, has acquired a 58,000 SF, 505-unit, self storage facility in Sparta, New Jersey for $6.85 million.
Previously known as Super Self Storage Center and Bins & Bays Self Storage, the asset is at 19 & 32 White Lake Road. The self storage business will now be called Sparta Drive-Up Storage.
It will have a combination of indoor, climate-controlled and drive-up units. The self storage property will be managed by Maya Capital Partners’ affiliate Evergreen Property Advisors.
According to Maya Capital Partners, Sparta Drive-Up Storage is located near the grocery-anchored Shops at North Village and Residences at North Village, a retail and residential development project in Sussex county.
Jason Lami – Managing Partner of Maya Capital Partners said: “The asset is a great addition to our portfolio and fits perfectly into our core investment strategy. At MCP, we focus on acquiring assets in key locations with an opportunity to improve operations with technology.”
The nearby shopping center is said to feature an 80,000sft ShopRite grocery store, 12 smaller national retailers, 60 multifamily dwellings, 58 townhomes, a 72-unit assisted living facility, and also 92 single family homes.
Sparta Drive-Up Storage is the second commercial real estate acquisition for Maya Capital Partners during the Covid-19 outbreak with the first being a $68 million multifamily property in Parsippany, New Jersey, acquired through a joint venture in April.
Jason Lami said: “During this challenging global pandemic, we have remained consistent with our strategy since inception where we seek long-term value by investing in self-storage facilities, as well as stabilized, defensive, Class A multifamily properties in primary markets.
“We view this acquisition as a long-term hold, which provides our portfolio with a high-quality asset at an attractive basis, and a healthy going-in yield. As a firm, we are well capitalized with strong partnerships and are aggressively seeking new opportunities.”