Red Bank self-storage facility sold

A self-storage facility in Red Bank has been sold, according to real estate firm Cushman & Wakefield.

C&W said in a news release that the 59,100-square-foot facility at 6 Central Ave. was sold by Tresnan Property Group to a partnership of Invesco Real Estate and Baranof Holdings. The property is managed by an undisclosed real estate investment trust.

C&W’s Noah Obuchowski, Robert Bloch and Mike Mele represented the seller in the transaction.

“The sale of this REIT-managed self-storage facility represented a unique opportunity to acquire a newly constructed, Class A facility in the New York City metro area in its final phase of leaseup,” Obuchowski, a director with C&W, said in a prepared statement. “The high barriers to entry in Red Bank has led to a limited supply of competition, which has in turn resulted in substantial upward pressure on rental rates. The asset will be a great addition to the buyer’s growing portfolio of self-storage facilities in the Northeast.”

The three-plus-story facility was built in 2019 and includes 537 units. It is 93% occupied, Cushman & Wakefield said.

The sale price was not disclosed.