Maya Capital Partners LLC announced on Tuesday it has acquired a self-storage facility in Sparta for $6.85 million.
The 58,000-square-foot, 505-unit property, known as Super Self Storage Center and Bins & Bays Self Storage, is located at 19 and 32 White Lake Road just off Route 15.
The business will now operate as Sparta Drive-Up Storage and will have indoor, climate-controlled and drive-up units. It will be managed by Evergreen Property Advisors, an affiliate of MCP.
“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,” Jason Lami, managing partner of MCP, said.
This is MCP’s second commercial real estate-based acquisition amid the COVID-19 pandemic. The first was a $68 million property in Parsippany, purchased in April 2020.
“During this challenging global pandemic, we have remained consistent with our strategy since inception,” Lami said, “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.”