17 Feb 2022
A former CubeSmart in Bergen County has been purchased by StorageBlue. StorageBlue's latest location in Teaneck closed for $10 million on February 15, according to Alan Mruka, the company's founder and CEO. StorageBlue's regional expansion is bolstered by this 40k square-foot acquisition.
Mruvka confirmed in a statement following the release, "We are rapidly expanding, and Teaneck, New Jersey, was a perfect fit for our next facility." "We chose Teaneck as our next North Jersey location because it has over 40,000 residents and no self-storage facilities."
According to StorageBlue, Emerald Creek Capital financed the $10 million loan, which was handled by Justin and Richard Horowitz of Cooper Horowitz LLC.
In the New York-New Jersey metro area, StorageBlue has a number of climate-controlled facilities, with another 20 in various stages of construction. Mruvka works to increase the company's portfolio by acquiring existing self-storage facilities as well as constructing new ones, according to StorageBlue.
https://njbiz.com/40k-square-foot-acquisition-furthers-storageblue-regional-expansion/
Source - StorageBlue
