350-unit New Hartford self-storage property sells for $8.6M
Costar
195-B Main St., New Hartford.
A Cleveland-based national self-storage chain recently paid $8.6 million for a 350-unit self-storage complex in New Hartford.
In a sale recorded on Sept. 18, the former All Star Storage location on 8.9 acres at 195B Main St. sold to a limited liability company tied to Compass Self Storage.
Waitsfield, Vermont-based MBR Holdings New Hartford LLC sold the New Hartford All Star location to Amsdell Storage Ventures 87 LLC, an affiliate of Cleveland-based Amsdell Companies.
The New Hartford storage facility includes seven buildings of 4,550 square feet to 12,600 square feet, built between 2016 and 2022.
Nathan Coe, Gabriel Coe and Brett Hatcher – investment specialists in Marcus & Millichap’s Columbus, Ohio office – had the listing, alongside Patrick Lemp with Ascendant Valuation Advisors. Marcus & Millichap Vice President John Krueger assisted in closing the deal as broker of record in Connecticut.
“This was a tremendous process where we received multiple competitive offers at and above list price,” said Nathan Coe, a senior managing director at Marcus & Millichap. “The level of competition highlights the sustained demand for quality, stabilized self-storage facilities such as New Hartford.”
According to its website, Amsdell evolved from a family-owned construction company founded in 1928 into a privately owned real estate company specializing in construction, development and management of self-storage facilities, business parks and related commercial real estate. The company has owned more than 500 storage centers in more than 27 states under various trade names, including Compass Self Storage, according to its website.
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