Maya Capital Partners, LLC is pleased to announce the acquisition of a 58,000 SF, 505-unit, self storage facility located in Sparta, New Jersey for $6.85 million.
The property, formerly known as Super Self Storage Center and Bins & Bays Self Storage, is located at 19 & 32 White Lake Road off of Route 15, the area’s primary retail corridor. The business will now operate as Sparta Drive-Up Storage (www.drive-upstorage.com), and features a combination of indoor, climate controlled and drive-up units. The property will be managed by Evergreen Property Advisors, an affiliate of MCP.
Sparta Drive-Up Storage is located adjacent to the grocery anchored Shops at North Village and Residences at North Village, the largest retail and residential development project in Sussex county in recent history. “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.,” stated Jason Lami, Managing Partner of MCP. The adjacent shopping center features a state-of-the-art 80,000 SF ShopRite grocery store, a dozen smaller national retailers, 58 townhomes, 60 multifamily dwellings, a 72 unit Assisted Living Facility, and 92 single family homes.
This marks MCP’s second commercial real estate acquisition during the Covid-19 pandemic, the first of which was a $68 million multifamily property located in Parsippany, NJ, purchased through a joint venture in April 2020. “During this challenging global pandemic, we have remained consistent with our strategy since inception,” stated Jason Lami, Managing Partner of MCP, “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.”
About Maya Capital Partners
Maya Capital Partners, LLC is a real estate investment firm based in New York City which focuses on acquiring undervalued assets in strong markets. The firm is actively deploying +$100 million of equity towards increasing its self storage and multifamily portfolio holdings. www.mayacp.com