‘End of an era’: Marcus & Millichap closes 5-property self-storage portfolio sale

Marcus & Millichap on Monday announced it sold StorageBlue, a self-storage portfolio in northern New Jersey. The portfolio consists of multiple multistory assets throughout Hoboken, Jersey City, Union City, Newark and Garfield.

“This sale represents the end of an era for one of the oldest self-storage brands in the Northeast,” Nathan Coe, senior managing director, investments, in Marcus & Millichap’s Columbus, Ohio, office and the lead agent involved in the transaction, said. “Started by Alan Mruvka and others in the early 1990s, StorageBlue has been a staple over the past 30 years in the NYC metro and northern New Jersey self-storage market.

“We are extremely excited for both the seller and buyer on the closing of this large portfolio, especially given the state of the market. This nearly nine-figure sale is our largest so far in 2024 and demonstrates continued strong buyer demand for self-storage assets. The sale concluded following a highly competitive process with multiple offers from some of the largest private and public self-storage investors in the nation.”

Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller.

The portfolio contains a mix of climate-controlled and non-climate-controlled units. All have street frontage, outdoor parking, keypad entry systems and 24-hour video surveillance. John Horowitz, senior vice president and division manager, is Marcus & Millichap’s broker of record in New Jersey.