The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Tolleson Self Storage. Tolleson Self Storage signifies an excellent opportunity to acquire a newly-expanded self-storage facility in one of the nation’s fastest-growing areas. This opportunity has substantial upside to further strengthen returns through the continuation of lease-up activity at the expansion, completed in late 2017 and nearly doubling the size of the property to match the high population growth and demand for self storage. The facility offers multiple streams of revenue, including truck rentals and a tenant insurance sales program in place. The subject also benefits from strong proforma figures, including a cash-on-cash return in year two of 10.8 percent and a net operating income that is projected to grow by 125.3 percent by year two from continuing rental activity. Advantageously, the City of Tolleson has indicated its strict guidelines for constructing new self-storage facilities, making the barrier to entry difficult for new competition.
The well-maintained facility consists of 454 units. Constructed on 2.49 acres initially in 2009 then expanded upon in 2017, the facility’s rentable square footage recently jumped from 26,876 rentable square feet to its current 50,450 rentable square feet. The facility’s occupancies indicate the new lease-up phase; the current physical occupancy is 62.1 percent and the economic occupancy is 44.7 percent. Prior to beginning the expansion, the Class A subject consistently maintained high occupancies of 95 to 100 percent, showcasing the market’s strength. To secure the premises, the site has gated entry, keypad access, video surveillance, night lighting, sprinklers and fire alarms. Furthermore, the facility is equipped with a self-service kiosk, reducing management costs.
Located at 9620 West Van Buren Street, Tolleson Self Storage is only 1.0 mile south of Interstate 10, which sees significant traffic counts of 223,942 vehicles per day, and is 1.5 miles south of Loop 101 with 165,096 vehicles daily. Papago Freeway, a part of Interstate 10, leads directly onto Loop 202/South Mountain Freeway, which is currently undergoing a major expansion project expected to be completed in 2019. The Loop 202 project is projected to yield approximately 100,000 vehicles per day and will include a major interchange nearby. Paired with the abundance of community amenities nearby is an immense five-mile population of 281,484 with 79,567 households. Tolleson is located in Maricopa County, recognized by the 2016 U.S. Census Bureau as emerging as the county with the nation’s highest annual population growth. Subsequently, Tolleson is also a component of the Greater Phoenix Metropolitan area, which comprises over two-thirds of Arizona’s total population.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Town & Country Self Storage, located in Monroe, Louisiana. Strategically situated in northern Monroe, the facility features an excellent location and demographics for self storage with a surrounding population consisting of predominantly renter-occupied housing, among large, residential communities. Acquisition of the opportunity provides a qualified investor with a stabilized asset with excellent proforma projections, including strong years one and two cash-on-cash returns of 9.9 percent and 11.6 percent, respectively, and a year two proforma capitalization rate of 7.46 percent.
As the population has grown with the introduction of many new multifamily complexes in the area, the facility has continued to expand upon its three parcels through 2002, 2005 and 2006. Residing on a combined total of 2.43 acres, the facility is comprised of 52,075 rentable square feet among 11 buildings and 353 units, which includes both climate-controlled and non-climate-controlled storage, as well as space for boat/RV parking. Currently, the subject operates at a physical occupancy of 81.5 percent and an economic occupancy of 80.5 percent.
Town & Country Self Storage holds the name of one of Monroe’s safest neighborhoods and has a strong presence over the community’s self-storage market with its location on both sides of Old Sterlington Road. The immediate vicinity consists residential housing with all of the facility’s parcels adjacent to large-residential communities and multifamily complexes, including the area’s largest complex, Town & Country Apartments. Overall, the area’s one-mile radius housing ratio is 63.7 percent renter-occupied, while the five-mile radius’ ratio boasts 52.5 percent renter-occupied housing. Town & Country is a component of north Monroe, notable for its suburban charm paired with the convenience of the city. The Town & Country neighborhood is lauded for its academic excellence with access to Monroe’s best schools.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Danville Storage, located in Danville, Illinois. Acquisition offers an investor the opportunity to obtain a cash-flowing, self-storage asset with an excellent community presence through strategic branding, allowing for the most optimal search engine results and visibility. The facility also offers the opportunity to raise occupancies by improving the customer service experience through expanding on-site office hours for the management staff to assist renters, compared to the current 24-hour kiosk and call center model with a limited management presence. Upon acquisition, an investor can benefit from a current capitalization rate of 6.76 percent, and a projected proforma capitalization rate of 8.16 percent. In years one and two are estimated cash-on-cash returns of 13.6 percent and 13.3 percent, respectively.
Danville Storage consists of 58,185 rentable square feet, which is comprised of 522 non-climate controlled units, ranging from 25 square feet to 500 square feet, and 22 boat/RV parking spaces for a total of 544 units. The owners recently raised rates that were significantly below market while improving economic occupancies by removing non-paying customers. The two parcels, which are managed together utilizing a kiosk system and limited management, have gated entry, keypad access, fencing and a comprehensive video surveillance system to secure storage. Since 2015, the well-maintained asset has undergone over $60,000 in capital improvements. Among the extensive improvements include the new and optimized facility name and its re-branding and signage components. Additional upgrades entail asphalt and fence repair, unit door painting, new gating and doors, office renovations, and the installation of a new locking system, automatic gate and pin pad.
Located on Voorhees Street, the facility is situated on 7.49 acres with excellent frontage, witnessing an estimated average traffic count of 10,000 vehicles daily. The facility has quick access to U.S. Highway 136/Vermilion Street at a 0.6-mile distance, U.S. Highway 150/Main Street at a 2.3-mile distance and Interstate 74 at a 3.5-mile distance, in addition to its proximity to the community’s major residential neighborhoods, multifamily complexes, schools and shopping centers. Danville is the county seat of Vermilion County and the principal of its Metro Area, residing along the Illinois-Indiana eastern border. The town is approximately 35 miles east of Champaign-Urbana, 90 miles west of Indianapolis and 120 miles south of Chicago.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Pensacola Mini Storage, located in Pensacola, Florida. Pensacola Mini Storage signifies a solid opportunity to acquire a cash-flowing, quality-constructed asset with excellent growth potential. Acquisition of Pensacola Mini Storage offers a qualified investor the opportunity to increase the facility’s cash flow by raising rental rates for climate-controlled storage to match market rates, and to further enhance yields by implementing additional storage units. In addition, increasing management efficiencies through optimizing fee managements and further increase the fee revenue. Overall, the opportunity boasts strong projections, including a year two cash-on-cash return of 13.9 percent, substantial leveraged IRRs of 29.4 percent and 26.8 percent and a superb proforma capitalization rate of 9.43 percent.
Initially constructed in 2007, Pensacola Mini Storage resides on approximately 1.88 acres, comprised of eight, single-story buildings and 281 total units for 26,700 rentable square feet. The area attached to the office has conversion potential to become an on-site manager’s apartment for additional security, or could be converted to additional climate-controlled storage units. Additional upside can be attained by building rental rates for tenants that have utilized the facility for six months or more. The facility features a fantastic surrounding housing profile as indicated by the six multifamily communities near the site and over 20 residential neighborhoods within a three-mile radius.
Referred to as the Cradle of Naval Aviation, the city ranked in the top five U.S. metro areas for its high annual population growth between 2015 and 2016, according to the Pensacola News Journal. The annual increase resulted in a jump of 1.6 percent, ranking 65th out of nearly 400 metro areas.
The Mele Group of Marcus & Millichap has been selected to exclusively list for sale All Around Storage, located in Fayetteville, Arkansas. All Around Storage signifies an excellent opportunity to acquire a cash-flowing self-storage facility in one of Arkansas’ largest cities and most desirable markets. Acquisition offers a qualified investor a key storage destination encompassed in a multitude of apartment complexes in quick proximity. Featuring high occupancies, the opportunity has significant upside potential to increase revenue through raising rates to match the market’s competitors and implementing a tenant insurance program. Paired with these multiple upsides are strong proforma projections, boasting a year two cash-on-cash return of 12.6 percent and a capitalization rate of 7.97 percent.
The facility consists of 394 units, containing 110 climate-controlled units, 264 non-climate-controlled units and 20 boat/RV parking spaces. Current physical and economic occupancies are 90.0 percent and 85.1 percent, respectively, indicative of the facility’s history of high occupancies. Recently, the facility underwent a number of capital improvements, including repainted surfaces, the replacement of three HVAC compressors, the addition of parking lot fencing and the replacement of all lighting to high-quality LEDs for cost effectiveness and a long-term lifespan. To secure the premises and its storage units, the site is equipped with gated access, keypad entry, pest control, video surveillance and an 800-square feet on-site manager’s apartment. The spacious one-bedroom, one-bathroom manager’s apartment also has a kitchen, laundry room and living room for convenient on-site living.
Situated at 2650 South City Lake Road/State Highway 156 on approximately 4.49 acres, this thoroughfare serves as a connector to other major roadways throughout the city. Among these Fayetteville roadways are State Highway 16, State Highway 265, Fullbright Expressway and Interstate 49, which witnesses an average of 49,000 vehicles daily. The facility is located only minutes from the University of Arkansas, the city’s largest employer with over 4,500 administrative and academic staff members to complement the large student population. The university has over 27,500 students in attendance, and this student count mirrors the high ratio of renter-occupied housing units in a five-mile radius estimated at over 53 percent. The five-mile area surrounding the facility is projected to grow at a high rate from 2017 to 2022 of 1.85 percent annually, paired with a projected household growth rate of 2.02 percent annually.
The Mele Group of Marcus & Millichap is pleased to offer Hoerth Storage, situated in Fond du Lac, Wisconsin. Acquisition offers an investor the opportunity to acquire a self-storage asset with a significant footprint in the City of Fond du Lac, representing the best that the market has to offer in terms of quality, size and amenities. Additional upside can be attained through continuing the lease-up activity for the newly-converted units. In year two, an investor can expect to witness a solid cash-on-cash return of 12.2 percent and a capitalization rate of 8.26 percent.
Hoerth Storage consists of 134,994 rentable square feet among 19 buildings and 12.05 acres. The facility has 133 climate controlled units and 324 non-climate controlled units, ranging from 18 square feet to 700 square feet, along with one boat/RV space, three office spaces and 18 warehouse spaces for 479 total units. The facility offers numerous amenities, including 24/7 access, on-site U-Haul truck rentals, wide aisles for easy drive-up access, mailboxes for commercial businesses, a conference area, a spacious office/showroom and a wide array of self-storage options.
Due to the high demand for traditional storage, two warehouse components of the facility were recently converted into climate-controlled storage. The construction was completed in late July 2017, signifying excellent growth potential through continuing to lease the new units. This conversion is indicated in the facility’s overall current hysical and economic occupancies of 83.5 percent and 79.2 percent, respectively. Prior to the conversion, the facility operated near 100 percent occupancy for traditional self storage much like other operators in the area, all which have little to no vacancy, signifying the market's strength. Approximately 2,200 rentable square feet is also available on the parcel for further expansion to meet the area’s storage needs. Recently, the facility has undergone multiple improvements, including the repaving of the asphalt and newly-installed lighting throughout the property, which now has full LED lighting for both the interior and exterior.
Strategically situated at 74 Halbach Court, the facility has great visibility along Interstate 41, which sees traffic counts of over 27,000 vehicles daily. The facility is 0.4 miles southeast of County Road D, 1.4 miles southeast of the Fond du Lac County Airport, 2.1 miles northwest of U.S. Route 151 and 2.5 miles southeast of State Road 23. Many national retailers are also in the nearby vicinity, such as Walmart, Target, McDonald’s and Walgreens with a number of shopping centers, including the enclosed Forest Mall with Kohl’s and Forest Plaza with T.J. Maxx, Applebee’s, Buffalo Wild Wings and Starbucks. Fond du Lac is one of Wisconsin’s top employment markets, boasting one of the lowest unemployment rates in the state as of June 2017 at 2.6 percent, compared to the nationwide rate of 4.3 percent. The city's largest employer, Mercury Marine, is visible on Interstate 41, directly across from Hoerth Storage. The company's total economic impact on the city is at an estimated $4 billion.
The Mele Group of Marcus & Millichap has been selected to exclusively list for sale Libertyville Self Storage, located in the Chicago metropolitan area. Situated in the affluent Chicago suburb of Libertyville, acquisition offers a qualified investor an excellent opportunity to obtain a newly-converted self-storage facility currently in its lease-up phase. The facility features minimal competition, allowing the facility to serve as the key storage destination for the surrounding large, residential and multifamily communities both existing and underway in the vicinity. Furthermore, the opportunity has fantastic forward-looking financials, including years five and seven unlevered IRRs of 12.9 percent and 11.7 percent, respectively.
Comprised of 56,854 rentable square feet, the facility consists of 587 total units. The facility has convenient access through a drive-in, loading area as well as optimal lighting and comprehensive video surveillance to ensure a secure site. The property’s renovation and conversion into quality self storage was completed and opened in September 2015. Since the facility’s grand opening, the facility has undergone capital improvements including the resurfacing of its asphalt. The current occupancies demonstrate the site's present lease-up phase, with a physical occupancy of 69.3 percent and an economic occupancy of 48.2 percent.
The facility boasts impeccable visibility from Interstate 94, benefiting from over 134,500 vehicles daily. This interstate, commonly referred to as the Tri-State Tollway, serves as a primary north-south connector throughout Chicagoland’s Lake and Cook Counties. The entry to Interstate 94 is approximately one mile from the site, with the thoroughfare’s Exit 16 onto State Road 176 easily directing drivers toward the facility’s location. The facility also has convenient access to U.S. Highway 41/Skokie Highway, which serves as a commercial corridor for Libertyville and its encompassing communities, with dozens of large-scale residential neighborhoods in proximity to the subject. The population within a five-mile radius boasts 119,637 individuals among 40,426 households and an average household income of $151,535, far exceeding the nation’s average. Additionally, the one-mile radius has an average household income of $213,289.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Sebastian-Vero Beach MSA Self Storage, located in Sebastian, Florida. Sebastian-Vero Beach MSA Self Storage signifies a solid opportunity acquire a cash-flowing, quality-constructed asset with the ideal components for a self-storage investment. Acquisition offers a qualified investor Sebastian’s staple self-storage destination situated along a well-traveled thoroughfare. Multiple upsides include the continuation of lease-up activity at the site’s new expansion, along with the potential to further expand to continue matching the market’s growth while implementing a robust tenant insurance program for additional revenue. In year two, the pro forma net operating income is projected to significantly increase by 50.1 percent, yielding substantial returns.
The facility has a strong market footprint, spanning 115,151 rentable square feet among 557 climate-controlled units, 484 non-climate-controlled units and two outdoor boat/RV parking spaces for a total of 1,043 units. The high-traffic destination was initially constructed in 1999, then expanded in 2015 and most recently in 2018, indicating the demand for quality self storage as more individuals migrate into the area. Current physical and economic occupancies indicate the recent expansion at 85.5 percent and 74.1 percent, respectively. Prior to the most recent expansion, the facility consistently operated at a near-full physical occupancy of 95.1 percent. Located just minutes from Indian River, the facility is advantageously the closest to many of the piers lining the Atlantic Intercoastal Waterway, providing ideal amenities for Sebastian’s many water recreation enthusiasts. To ensure a secure location, Sebastian-Vero Beach MSA Self Storage has keypad access, an electronic gate system, pest control, video surveillance and optimal lighting for safe 24-hour access including newly-installed LED lights.
Prominently situated at 189 Sebastian Boulevard/County Road 512 on approximately 6.99 acres, the subject benefits from over 14,000 vehicles daily along this roadway, and also has quick access to U.S. Highway 1 at a 0.3-mile distance. Witnessing over 33,000 vehicles daily, Interstate 95’s only exit into the City of Sebastian, Exit 156, brings drivers directly onto Sebastian Boulevard. The facility has both superb ingress and egress and is surrounded by numerous residential communities and multifamily properties, in addition to being near the area’s primary commercial corridor along U.S. Highway 1. Large residential neighborhoods are in development within close proximity to the subject, supported by the forecasted high growth rate of 1.15 percent annually in a five-mile radius. Furthermore, the facility also serves residents residing on Orchid Island, located parallel to Sebastian and linked through U.S. Highway 1 connecting to State Road 510.
The facility’s MSA is a component of the Miami-Fort Lauderdale-Port St. Lucie, Florida Combined Statistical Area, the largest CSA in Florida with over 6.7 million residents as of 2016, according to the U.S. Census Bureau.
The Mele Group of Marcus & Millichap has been selected to exclusively market for Extra Closet Storage in Fort Myers, Florida. Extra Closet Storage represents a unique opportunity to acquire a self-storage facility situated in a high-density, high-traffic area with immediate value-add components. The opportunity provides a qualified investor with an asset that has significant growth potential through continuing to raise rates to match the market as the subject’s occupancies rise, while converting the current unit style into traditional storage units. Furthermore, the facility would benefit from an additional stream of revenue through the implementation of portable storage upon its vacant space. The subject also has impressive returns, including fantastic year five and seven leveraged IRRs of 51.1 percent and 42.0 percent, respectively, along with cash-on-cash returns in year one of 19.6 percent and year two of 26.3 percent. An equally substantial proforma capitalization rate of 9.97 percent is projected in year two.
The facility consists of three separate buildings and 44,020 rentable square feet, featuring 1,262 climate-controlled units, ranging from 12 to 700 square feet, and 42 boat/RV parking spaces for a total of 1,304 units. The occupancies indicate facility’s upside of enhancing management efficiencies, with a physical occupancy of 58.4 percent and an economic occupancy of 50.3 percent. The properties were most recently renovated to include newly-installed video surveillance, exterior painting and driveway pavement. The facility’s premises would benefit from additional security through the installation of perimeter-wide fencing, gated entry and keypad access as the immediate vicinity continues its rapid population growth.
Located at 3252 and 2355 Bruner Lane and 211 Andrea Lane in Fort Myers, the three parcels reside next to a major commercial corridor that branches from U.S. Highway 41/Tamiami Trail. This thoroughfare is one of the major roadways extending through Fort Myers, experiencing an average traffic count in excess of 65,550 vehicles daily. Within one mile of the facility’s location are a multitude of nationally-recognized retailers, restaurants and car dealerships, also including major anchor tenants Walmart Supercenter and Home Depot at less than a mile from the site. To cater to the robust population are the Cypress Lake Plaza, Market Square, Cypress Trace and Bell Tower shopping centers, comprising over a million GLA and over a hundred stores such. With U.S. Highway 41 housing an abundance of commercial tenants, many households are drawn to the location’s convenience and accessibility. The solid activity, traffic counts and populations within the vicinity demonstrates Extra Closet Storage’s advantage over competitors. The nearest climate-controlled competitor is located 2.6 miles northeast from the subject, allowing the subject to serve as the thriving area’s key climate-controlled facility. Fort Myers is notable for its surging growth in recent years, as reported by the U.S. Census.
Fort Myers is a key city making up the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area. The MSA most recently topped Forbes’ rankings as #1 in projected population growth and job output.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale The Safe Place Mini Storage, located in Virginia Beach. The Safe Place Mini Storage represents a rare opportunity to acquire a Class A self-storage property with a clear value-add path to superior investment returns. Upon acquisition, the attentive operator will drive revenue growth through gains in occupancy, increased insurance sales and fee income and grow rental rates, which haven’t been adjusted in several years. The facility is located just off of the Baker Road-Newtown Road intersection in Virginia Beach, benefiting from high traffic counts, high visibility, high density and a favorable demographic profile.
The facility is located at 617 Baker Road on 2.47 acres and four total buildings; three, single-story buildings with drive-up access and one, three-story, fully-climate controlled building. Overall, the unit mix is comprised of 240 climate-controlled units, 319 non-climate-controlled units and four boat/RV parking spaces for a total of 563 units among 64,189 rentable square feet. The facility is currently 75.4 percent physically occupied and 70.8 percent economically occupied, indicative of the investment’s strong returns through raising occupancies. Facility amenities include perimeter-wide fencing, electronic keypad access control, video surveillance and a two-bedroom, one-bath manager’s apartment.
Renter-occupied housing comprises over 50 percent of the one-mile radius’ surrounding housing units; historically, renters demonstrate a higher utilization of self storage compared to owners. Most advantageously, the facility is the closest in proximity to over ten multifamily complexes with many underway, including Nexus, a 268-unit luxury apartment complex located directly across Newtown Road from the subject. This development is scheduled for completion in the summer of 2018, among many other high-density residential development projects currently underway within the trade market. Surrounding the facility is a three-mile population of 98,396 individuals among 38,745 households. The facility is notably the closest to Virginia Wesleyan University; the student population’s steady growth further adds to the projected gains of the asset. The university’s growth can be further indicated through the planned construction of the Wesleyan College Apartments, projected to yield 252 student housing units.
Rich in history, the coastal city of Virginia Beach is home to a flourishing population bolstered by its robust attractions, including high-end major shopping centers and oceanfront activities that draw both new residents and tourists into the area. The city boasts a low corporate income tax rate, affordable space and a well-educated workforce, which have made it attractive to companies seeking a new location, as indicated through the development surge taking place throughout Virginia Beach. This business climate has earned Virginia Beach recognition by CNNMoney for being the nation’s second most business-friendly city, while Bloomberg has ranked the city among one of the best cities to live in.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Bradley Self Storage in Windsor Locks, Connecticut. Bradley Self Storage represents a rare opportunity to acquire a value-add self-storage property with a clear path to superior investment returns. Improvement opportunities include driving revenue growth through improving physical efficiencies and increasing insurance sales, fee income and rental rates, which have not been adjusted in several years. The facility is projected to yield a proforma, year two capitalization rate of 7.94 percent, paired with a cash-on-cash return of 13.6 percent in this same year. Projected leveraged IRRs also demonstrate the strength of the acquisition at 20.4 percent and 19.9 percent in years five and seven, respectively. The facility is situated just off State Highway 75/Ella Grasso Turnpike on North Street in Windsor Locks, benefiting from its close proximity to Bradley International Airport (BDL). Advantageously, the facility is the closest to the nearby large-scale suburb, serving as the most convenient destination for the surrounding community.
Located at 497 North Street, the property consists of 2.22 acres and three, single-story buildings with excellent drive-up access among non-climate-controlled units. The facility provides 200 total units, totaling 36,300 rentable square feet. The facility is 75.12 percent physically occupied with a 59.68 percent economic occupancy factor, indicating the investment’s strong returns through increased efficiencies, revenue management and rate increases. Facility amenities include perimeter-wide fencing, electronic keypad access control, video surveillance and an on-site office.
Less than 3.4 miles from the subject are the main terminals for Bradley International Airport. Serving over 6,400,000 visitors in 2017, BDL realized an increase of 6.5 percent in year-after-year passenger traffic counts. The property is surrounded by high-income demographics, with an average household income of $102,320 within a one-mile radius. Windsor Locks is situated in Hartford County, a component of the Hartford-West Hartford-East Hartford, Connecticut Metropolitan Statistical Area, commonly referred to as the Greater Hartford region.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Fair-Way Self Storage, located in the Los Angeles Metro Area. Acquisition of Fair-Way Self Storage offers a qualified investor a value-add opportunity to gain a significant footprint in the affluent Walnut community, with substantial upside potential to optimize management operations, implement stronger signage for ideal visibility and to reallocate the facility’s business park components to traditional storage.
Residing on 6.43 acres at 921 Fairway Drive, the facility is comprised of 470 drive-up units and 156 interior floor-level units, ranging in size from 16 square feet to 480 square feet, and 67 boat/RV parking spaces for a total of 693 units. With excellent frontage along this thoroughfare, the facility would also have better visibility from State Highway 60/Pomona Freeway through prominent signage. The facility’s interior features an office and an on-site manager’s apartment with two bedrooms and one bathroom. Current facility physical and economic occupancies are 87.8 percent and 77.6 percent, respectively, indicating the need to expand by reallocating vacant retail space in the facility’s Walnut Business Park component into storage. The high-traffic business park is presently 85.4 occupied and features over 20 tenants and 34,070 GLA with all leases defaulting to month-to-month after the lease has been executed. To ensure security throughout the premises, the facility is equipped with perimeter-wide fencing, excellent lighting and 24-hour video security surveillance.
Fair-Way Self Storage is surrounded by a five-mile population of 285,699 and 81,346 households. This affluent community features an average household income of over $104,000, far exceeding the national average. Walnut is a component of Los Angeles County, the largest county in the nation, and also part of the Los Angeles-Long Beach-Anaheim Metropolitan Statistical Area, the 18th largest metro area in the world and the second-largest in the nation. For multiple years, the City of Walnut has been ranked in Money’s Best Places to Live for its low crime rate, high-quality, master-planned communities and its recognition as a top public school district in Southern California, while boasting a household income average at one of the top earning percentiles in the country.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale MoreSpace Mesa, located in the Phoenix, Arizona Metropolitan Statistical Area. MoreSpace Mesa represents an exceptional opportunity to acquire an impeccably-located self-storage facility in one of the nation’s fastest-growing areas. This opportunity offers a qualified investor significant upside potential through the continued lease-up of its newly-constructed phase two expansion, as well as further expansion potential as the market continues to expand. At stabilization in year two, the facility is projected to have a cash-on-cash return of 8.1 percent.
Comprised of 57,475 rentable square feet, the facility advantageously offers the amenity of climate-controlled storage compared to other competitors. The subject has 722 total units, consisting of 424 climate-controlled units, 182 non-climate-controlled units and 116 boat/RV parking spaces. To ensure a secure premise and storage units, the facility has electronic gated entry, keypad access, perimeter-wide fencing, video surveillance and a one-bedroom, one-bathroom on-site manager’s apartment. Furthermore, the opportunity offers the upside in raising rates upon stabilization as rates are currently below the immediate market. With the continuation of leasing up newly-constructed self-storage units, additional revenue can be driven through an active tenant insurance sales program. Current occupancies reflect the completion of phase two expansion in December 2017, with physical and economic occupancies at 54.6 percent and 23.0 percent, respectively. As Mesa’s population continues to thrive, the facility has matched this growth and subsequent demand for storage through its most recent expansion and has room to construct additional storage. The facility is approved for a phase three expansion that will yield an estimated 24,800 rentable square feet upon completion.
Residing on 7.3 acres at 4550 East Southern Avenue in Mesa, Arizona, the facility is perfectly positioned with excellent curbside appeal. The facility is near the Southern Avenue/Greenfield Road intersection with a combined traffic count of approximately 51,300 vehicles daily and many nationally-recognized retailers, including Walgreens, CVS and McDonald’s, among others. The site is only 0.7 miles from entry to the high-traffic Superstition Freeway/U.S. Highway 60, serving as a primary east-west connector throughout Arizona and yielding 227,200 vehicles daily at Exit 185, leading directly onto Greenfield Road. Maricopa County, a main component of the Phoenix-Mesa-Scottsdale, Arizona Metropolitan Statistical Area, was recognized by the U.S. Census Bureau 2016 for adding over 222 new individuals daily, more than any other country and emerging as the county with the nation’s highest annual population growth. Overall, the population of the Phoenix-Mesa-Scottsdale, Arizona MSA comprises over two-thirds of Arizona’s total population.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale the Des Moines Self-Storage C/O Opportunity, a self-storage conversion development located in Downtown Des Moines, Iowa. The Des Moines Self-Storage C/O Opportunity provides a qualified investor with the opportunity to acquire a newly-converted, three-story facility upon Certificate of Occupancy in the Midwest’s fastest-growing city. The conversion is currently underway and is projected for completion at the end of 2018’s fourth quarter, yielding a total of 63,065 rentable square feet. The facility will have 736 fully climate-controlled units, reflecting the area’s demand for climate-controlled storage.
Situated on 1.06 acres at 512 Tuttle Street in the heart of Des Moines’ downtown area, the facility offers a significant advantage over its minimal competitors of being the closest to both downtown and Des Moines’ thriving suburbs, including impeccable exposure to the Indianola Hills suburbs directly south. This neighborhood boasts a population density of 3,947 individuals per square mile, compared to overall Des Moines’ 2,841 individuals per square mile. The facility is also in proximity to numerous highways that serve as primary connectors throughout Des Moines, including Interstate 235 at a 1.2-mile distance, which sees traffic counts of approximately 118,000 vehicles daily, U.S. Highway 69 at a 1.5-mile distance and State Highway 28 at a 5.4-mile distance. Less than one miles from the subject resides the Iowa Events Center, which is comprised of the Wells Fargo Arena, the Hy-Vee Hall and the Community Choice Credit Union Convention Center, and Des Moines’ tallest building, the 801 Grand.
The 2016 U.S. Census ranked Des Moines as the fastest-growing city in the Midwest, which is further indicated by the influx of commercial and residential developments in recent years, currently including thousands single-family homes and multifamily units with many offices and retail centers planned or underway. The City of Des Moines also reported a downtown-wide development boom for multiple commercial sectors, and noted a substantial uptick in single-family home subdivisions coming online.
The Mele Group of Marcus & Millichap is pleased to offer Quantico Land Development in Dumfries, Virginia, part of the D.C. Area. The proposed, Class A self-storage development will benefit from a phenomenal demographic profile with a median household income far exceeding the national average and a high population growth within the trade area, paired with impeccable visibility from Interstate 95 and above-average market rents.
Residing on 6.3 acres of land, the proposed site is projected to be fully approved for self-storage development in the first half of 2018. The site sketch plan reflects a self-storage facility of approximately 130,000 gross square feet with direct frontage from Interstate 95, boasting phenomenal visibility to traffic counts in excess of 145,000 vehicles per day. The site is also in close proximity to thoroughfares U.S. Highway 1, State Road 234 and State Road 619. The Marine Corps Base Quantico is approximately 15 minutes from the facility off of Interstate 95. Neighboring the site is a single-family, residential community to the west and Shoppes at Quantico Center to the northeast with national tenants such as Chick-fil-A and IHOP. At a 0.35-mile distance, State Road 234 serves as a major hospitality and retail hub for the area, including retailers McDonald’s, Cracker Barrel Old Country Store, among numerous others.
Located in Prince William County, this county is reputed for being one of the wealthiest counties in the nation. The five-mile radius surrounding the site has an average household income of $118,254 and a median household income of $93,677, both by far exceeding the respective national averages. Overall, the five-mile population is estimated to be 137,061 as of 2016. The population is expected to surge at a rate of 2.5 percent per year and 13 percent over the next five years in the trade area. Dumfries, Virginia is a component of the Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Statistical Area, commonly referred to as the D.C. Area. With a population of over six million, MSA is the largest in the country’s southeastern region and is reputed as one of the most educated and affluent metropolitan areas.
The Mele Group of Marcus & Millichap is pleased to offer the Regal Self Storage Development in San Antonio, Texas. The proposed self-storage development will benefit a qualified investor/developer with its strategic position in one of the nation's fastest-growing cities and metro areas. Furthermore, the site resides next to San Antonio's Interstate 35/Pan Am Expressway, boasting over 210,000 vehicles daily. The abundance of commercial development, including multifamily and retail to complement the population surge, is prominently located throughout the site's immediate vicinity.
The Regal Self Storage Development resides on approximately 5.870 acres on Judson Road-Interstate 35/Pan Am Expressway on the north side of San Antonio. The approved self-storage site is zoned for C-3, this zoning is most optimal for self storage within this high-traffic, high-density location. The current site plan is approved for Phase I construction with 704 units of Class A storage encompassing 82,100 net rentable square feet. Phase II would allow an investor to expand the site by 10,800 gross square feet for a total of 103,375 gross square feet upon the completion of both Phases I and II.
Located adjacent to Sam's Club, the proposed site is in close proximity to Interstate 35's numerous nationally-recognized commercial retailer. Currently, the area is witnessing a development boom of numerous retail, senior housing and multifamily projects to further expand the surrounding area, including the proposed 290,000-square foot IKEA store near the intersection of Interstate 35 and Loop 1604, which will break ground this year. Within a five-mile radius of the site there is an estimated 2017 population of 241,523 and 88,529 households.
San Antonio is a principal city of the San Antonio-New Braunfels, Texas Metropolitan Statistical Area, ranking as one of the top 25 most populous MSAs in the nation. From 2010 to 2016, the Greater San Antonio area also ranked among the top 20 for the highest population growth.
The Mele Group of Marcus & Millichap is pleased to offer Chapel Hill Self-Storage Land Development, located in Durham, North Carolina. Strategically situated along U.S. Highway 15-501, acquisition offers a qualified investor the opportunity to develop a facility with excellent visibility and ideal demographics for storage. Located at 3724 Durham Chapel Hill Boulevard on 1.89 acres, the proposed site would consist of 75,175 rentable square feet, 114,300 square feet of gross building area and fully-climate controlled units upon completion. The site plan and permits have already been approved for this project. Alternative design estimates are available with the removal of the drive-thru area, which would add several months to the project calendar, however would also yield estimated savings in excess of $400,000. The site is in a retail-heavy corridor along major U.S. Highway 15-501 lined with the community’s commercial tenants and major shopping centers, consisting of nationally-recognized tenants Sam’s Club, Ross Dress for Less, The Fresh Market, Starbuck’s, McDonald’s, and many others.
The three-mile radius is comprised of 72,938 individuals and 30,308 households, a population which is estimated to swell at a rate of 2.04 percent annually from 2017 to 2022. The amount of renter-occupied housing units in this radius exceeds the amount of owner-occupied housing units by over 60 percent, while the one and five-mile radiuses mirror this. Historically, renters demonstrate a higher usage of storage in comparison to owners. The area’s population density, paired with an average household income on par with the national average, has resulted in solid rental rates for climate-controlled storage units, while the product supply continues to remain limited. The facility would be the closest location to the abundance of multifamily communities residing near U.S. Highway 15-501’s retail hub, such as the 180-unit South Point Apartments, the 357-unit ARIUM Pinnacle Ridge Apartment Homes and the 419-unit Colonial Townhouse Apartments, among others. Furthermore, directly behind the site are a number of sprawling apartment complexes and a senior housing community, including the 186-unit Parc at University Tower Apartments and the 160-unit The Forest at Duke Retirement Community.
Durham is a principal city of the Durham-Chapel Hill, North Carolina Metropolitan Area. This area enjoys the benefits of an urban population density without sacrificing household income in one of the nation’s most educated areas. Home of Duke University, this private research university is consistently ranked among the best academic universities in the world. The university is also the City of Durham’s largest employer, followed by multinational tech giant IBM. The city makes up one of the three vertices of the Research Triangle area, an eight-county region that houses numerous high-tech companies and enterprises, and is anchored by Duke University, North Carolina State University and the University of North Carolina at Chapel Hill.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Washington Avenue Mini Storage, located in Evansville, Indiana. Washington Avenue Mini Storage offers the opportunity to employ state-of-the-art revenue management in order to optimize rental growth. The subject has excellent visibility near the signalized intersection of Washington Avenue and Green River Road in Evansville with multiple access points along Washington Avenue, in addition to manager-controlled access on Adams Avenue. Along with the opportunity’s strong growth potential, the facility is projected to yield leveraged IRRs of 25.1 percent and 22.5 percent in years five and seven, respectively.
Originally constructed in 2006 in multiple phases, the facility expanded in 2014, doubling its size to offer additional storage to match Evansville’s growing population. The facility resides on 4.46 acres, comprised of 80,875 rentable square feet among 11 buildings and 680 units, ranging in size from 25 square feet to 300 square feet. In comparison to competitors, the facility is advantageous in offering climate-controlled storage in addition to its non-climate controlled units. Current physical and economic occupancies are 80.4 percent and 77.4 percent, respectively. Prior to the expansion, the facility had a consistent physical occupancy of over 95 percent. The facility utilizes a 24-hour kiosk to assist renters, resulting in management cost reduction, and a gate opener application tied into the renter’s phone for ease of access. Since 2014, the owners have invested over $1,600,000 into expansion and capital improvements.
Situated at 4619 Washington Avenue, this thoroughfare witnesses traffic counts of over 12,300 vehicles daily, while its intersecting street Green River Road sees over 29,500 vehicles daily. The site is advantageously located only 1.6 miles north of interstate 69, a primary connector to other major cities such as Bloomington, Indiana. Additionally, the facility is 1.0 miles south of State Road 66/Lloyd Expressway and 2.8 miles east of U.S. Highway 41. Washington Avenue signifies the ideal composition of residential and commercial properties situated its thoroughfare, lined with single-family neighborhoods, shopping centers and hospitals that rank among Evansville’s top 10 employers. As the area continues its steady growth, a significant number of commercial projects are currently in a stage of development to add to Evansville’s thriving landscape.
The Mele Group of Marcus & Millichap is pleased to exclusively offer the Central Avenue Self-Storage Development in the Portage Park neighborhood of Chicago’s North Side. The proposed self-storage opportunity is situated in the heart of Portage Park’s densely-populated residential area, boasting a two-mile population of 205,368 individuals among 67,265 households, paired with an average household income of $71,391.
Located at the intersection of Central Avenue & Addison Street at 3611-59 North Central Avenue in Chicago, Illinois 60634-2753, the proposed site will feature climate-controlled self-storage along with retail on its first floor, offering an additional stream of revenue. Upon being reviewed and approved for rezoning, the site would have minimal competition in the one-mile vicinity, while the overall two-mile area currently has 2.6 square feet of storage per capita, compared to the national average of 6.9 percent.
With the facility’s ideal location in an area lauded for its high walkability score, the opportunity will benefit the community with new retailers on Central Avenue, a primary thoroughfare. Furthermore, the site is adjacent to a 12,006-square foot CVS Pharmacy on a signalized intersection. By way of cross-easements, access is available both to and from Addison Street and Central Avenue, as well as Waveland Avenue to the north. The site is kitty-corner to the seven-story Community Hospital with approximately 1,100 employees. Combined, the Addison Street-Central Avenue intersection witnesses a total of over 46,700 vehicles daily from all directions, while Central Avenue demonstrates average counts of over 23,800 vehicles daily, granting excellent visibility to the site.
Steeped in history, Portage Park is known for its turn-of-the-century homes and historic bungalows, conveniently walkable streets and thriving retail climate in a safe neighborhood within Chicago’s affluent North Side district. The North Side is notable for being Chicago’s most populated residential area with a considerably middle and upper-class demographic in one of the world's most populated metro areas.
The Mele Group of Marcus & Millichap is pleased to offer the Oswego Self-Storage Land Development, located in the Chicago Metropolitan Statistical Area. Acquisition provides a qualified investor with a well-situated development site, featuring outstanding visibility and quick access from U.S. Highway 30. Residing on 5.135 acres of land at 1945 Wiesbrook Road in Oswego, Illinois, the proposed site's sketch plan reflects an institutional-quality, multistory facility of approximately 86,210 square feet. Consisting of fully-climate controlled units, the offering would represent that the market has to offer. The site is in proximity to numerous single-family and multifamily communities for a total five-mile population of approximately 247,513 individuals and 77,721 households with an average household income of $88,711, surpassing the national average.
In addition to strong demographics, the site is strategically positioned in close vicinity to U.S. Highway 30 and U.S. Highway 34/Walter Payton Memorial Highway. These two primary highways are lined with the community's major retail hubs including nationally-recognized anchors Walmart Supercenter, Target, Sam's Club, ALDI, The Home Depot, JCPenney and Menard's, among many others all in a two-mile distance or less.
Oswego is the most populous municipality in Kendall County, known for its well-educated workforce, efficient transportation system and high quality of life. Located southwest of Chicago, Oswego is located at the southern end of Fox River Valley. The community is notable for maintaining its small town charm, abundance of recreational programs and high education standards, drawing in new families to the area. Commercial and office growth has followed the increase in population, providing retail shopping and employment opportunities for Oswego residents as well as many non-residents from the smaller, surrounding towns. The Chicago MSA ranks among the most populous metro areas in the nation and in the world with an estimated 2015 population of 9,472,676 individuals. The metro area is reputed for housing a number of Fortune 500 companies, including Walgreens, McDonald's, Boeing and State Farm.
The Mele Group of Marcus & Millichap is pleased to offer the Highland Park Development Opportunity in the Chicago metropolitan area. The proposed development will benefit from its strategic position along a main thoroughfare and surrounded by an excellent five-mile demographic boasting substantial median and average household incomes of $130,926 and $191,845, respectively, indicative of Chicago’s affluent North Shore communities.
Located on approximately 2.17 acres, the proposed site is situated on a B3-zoned parcel, allowing for a variety of development options upon approval by the city. The location has direct frontage on U.S. Highway 41/Skokie Valley Road, which sees traffic counts of over 49,400 vehicles daily, and is 0.3 miles from State Highway 22, 1.8 miles from State Highway 43 and 3.0 miles from Interstate 94/Tri-State Tollway.
Skokie Valley Road serves as a primary retail destination for Highland Park, lined by nationally-recognized vendors and surrounded by single-family, residential communities. National retailers on Skokie Valley in proximity to the subject site include Target, Staples, CVS, Starbucks and Dunkin Donuts, among many others in a less than one-mile distance.
Highland Park is part of the North Shore suburb of the Chicago MSA. The City of Highland Park is known for its economically solid demographic, vibrant shopping district and concerts at the Ravinia Festival, which is the summer home to the renowned Chicago Symphony Orchestra. Chicago’s North Shore community is one of the nation’s most affluent and highly-educated areas with seven of its communities in the top quintile of U.S. household income, and Highland Park is in the top five percent.
The Chicago MSA is the third largest metropolitan area in the country and the 22nd most populous metropolitan area in the world with an estimated 2015 population of 9,472,676 individuals. Chicagoland is reputed for housing many Fortune 500 companies including Walgreens, McDonald’s, Boeing and State Farm.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Him Self Storage, located in Hartselle, Alabama. Acquisition offers a qualified investor the opportunity to obtain a self-storage asset with a remarkable footprint in the City of Hartselle. The facility signifies the best of the market in terms of quality, size and ideal visibility. Featuring high physical occupancies, the facility is approved for expansion to add units upon approximately one acre, and also has the upside of raising climate-controlled rates to match the market’s average. In years one and two, an investor can expect to benefit from cash-on-cash returns of 8.6 percent and 11.0 percent, respectively, paired with a superb leveraged IRR in year seven of 20.5 percent.
Him Self Storage consists of 90,450 rentable square feet among 14 buildings. The facility has 650 total units, ranging from 25 square feet to 380 square feet, comprised of both climate-controlled and non-climate controlled units with wide driveways for convenient drive-up access. Currently, the facility operates at a physical occupancy of 96.0 percent and an economic occupancy of 72.3 percent. Prior to the facility recently bringing on 100, new storage units, the site operated at full occupancy. The consistently high physical occupancies throughout the lease-up phase indicate the surrounding area’s strong demand for storage, which has resulted in the site receiving a pre-approved site plan for additional expansion to cater to the market. The well-maintained facility boasts a spacious, Class A office area, a large, two-bedroom, one-bath apartment attached to the office and a separate room available for buildout or renovation.
Situated on 8.9 acres directly along U.S. Highway 31, the facility has advantageous visibility from this major thoroughfare, including excellent digital signage. U.S. Highway 31, which sees traffic counts of over 25,900 vehicles daily, is the primary road throughout Hartselle, connecting the surrounding population to Hartselle’s commercial corridor and downtown area. The City of Hartselle’s commercial sector on U.S. Highway 31 features numerous retailers that are in quick proximity, including retail giant Lowe’s Home Improvement directly across from the subject and Walmart Supercenter at a 0.7-mile distance, among numerous others. Furthermore, the facility is closest to a number of multifamily complexes, including Hartselle Villas, Midway Manor Apartments and Plantation Garden Apartments, all located less than a one-mile distance. U.S. Highway 31 also serves as a connector into downtown Decatur, located an estimated 10 miles north of Hartselle. Other major thoroughfares in close proximity to the subject facility are State Road 36 and Interstate 65.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Anthem Self Storage, an institutional-quality self-storage development located in Anthem, Arizona, a component of Maricopa County and the Phoenix Metro Area. Anthem Self Storage provides a qualified investor with the opportunity to acquire a brand new, Class A self-storage facility upon Certificate of Occupancy with a substantial footprint in one of the nation’s fastest-growing areas. Developed by The Bell Group, construction is currently underway and is projected to yield a total of 95,258 rentable square feet among 9 buildings on 7.5 acres. The facility will have 546 climate-controlled units, 189 drive-up units, 27 open RV parking spaces and 28 covered RV parking spaces for a total of 790 units.
Strategically situated on North Gavilan Peak Parkway, this thoroughfare witnesses an estimated 16,800 vehicles daily. The site is located within the master-planned community versus competitors, giving the advantage of directly serving the undersupplied storage market. West of the development is Interstate 17, one of Metro Phoenix’s two major connectors, which demonstrates traffic counts of over 64,500 vehicles daily. At Certificate of Occupancy, the facility will prominently be one of the only two climate-controlled facilities within Anthem, where the rapidly-growing population has a three-mile average household income exceeding $119,000 and booming employment growth. Furthermore, the surrounding master-planned community has restrictions on parking boats on residential driveways, making for a quick lease-up time for the facility’s boat/RV storage given its proximity to housing and Lake Pleasant, reputed for its scenic water recreation.
The City of Anthem has been awarded a number of accolades by both local and national publications, including recognition as the top master-planned community in the United States by the National Association of Home Builders. This strong growth mirrors Maricopa County’s overall swelling population of approximately 222 individuals migrating per day in 2016, notably more than any other county in the nation.
Maverick Self Storage of Del Rio and Bracketville are comprised of 46 climate controlled units, 270 non-climate controlled units and 12 semi-climate controlled units, ranging from 50 to 300 square feet, for a total of 328 units. The facility is operated in conjunction with its annex location in Brackettville, Texas. Altogether, the facilities encompass 42,275 rentable square feet on 2.6 acres. The site features video surveillance with fencing, a gated, keypad entry and a resident manager for security. The primary facility's on-site manager's apartment consists of one bedroom and two bathrooms. The facility offers 24-hour gated access to its storage units. Current physical and economic occupancies are at 89.7 percent and 64.4 percent, respectively. Most recently, both Del Rio Self Storage and its annex location underwent roof recoating to repaint and strengthen each.
The main facility is directly on U.S. Highway 90, which sees traffic counts of over 26,000 vehicles daily, in addition to its proximity to U.S. Highway 377 and State Road 239. To cater to the large surrounding community are numerous shopping centers, including the enclosed, 55-store Plaza Del Sol Mall, anchored by JCPenney, Bealls Department Store and Ross Dress For Less, at a 1.1-mile distance in addition to national retail giants Walmart, Home Depot, and Marshalls.
Del Rio is a principal city of the Del Rio-Ciudad Acuña Metropolitan Area. Commonly referred to as Tierra de la Amistad, this metro area is one of the largest bi-national areas situated along the United States-Mexican border. And most significantly, Ciudad Acuña has been recognized as Mexico's fastest-growing city for its large-scale industrial and manufacturing facilities. Del Rio is strategically situated approximately six miles from Ciudad Acuña.
The Mele Group of Marcus & Millichap is pleased to offer iStorage in Hinesville, Georgia. This cash-flowing self-storage facility represents an excellent opportunity to secure an asset with substantial upside potential to raise rates to the market with current rental rates approximately 25 percent below the areas average. This great upside is partnered with solid cash-on-cash returns in years one and two of 12.4 percent and 15.5 percent, respectively, and an attractive year one cap rate over 9 percent, excluding deferred maintenance, and a year two cap rate of over 10 percent.
Consisting of 40,672 rentable square feet among 12 buildings, the facility has 40 climate-controlled units and 317 non-climate controlled units, ranging from 20 square feet to 1,736 square feet, and two parking spaces for a total of 359 units. Recent capital improvements include renovating a building's roof, bringing additional units online, and upgrades to the offices flooring. Currently, the facility is 87 percent physically occupied and 52 percent economically occupied. The opportunity also offers a 6,000-square foot building included in the sale that can be easily outfitted for climate-controlled units or standard units.
iStorage is located at 404 Fraser Circle in Hinesville, Georgia, an estimated 40 miles from Savannah, Georgia. The facility resides near the entrance of the Fort Stewart Military Reservation and is notably the closest facility to the base. The Fort Stewart Military Reservation is the largest U.S. Army installation east of the Mississippi River with a total soldier population of over 20,000 along with 30,000 family members. Additionally, the subject has quick access to State Road 119 at a 0.02-mile distance and U.S. Highway 84 at a 1.2-mile distance, and is surrounded by a strong mixture of multifamily and single-family residential homes, both on and off of the Fort Stewart base. Major retailers include Walmart, Lowes, Chili's and CVS among others to cater to the population. Both the residential and commercial growth of the area is indicative of the major chains that have recently expanded into the Hinesville market.
Courthouse Land Development represents the opportunity to purchase an approved development site for an institutional-quality, self-storage facility in Chesterfield, Virginia, a component of the Greater Richmond Area. The immediate vicinity is ideal for storage with minimal competition and excellent demographics. The site’s visibility along both Virginia Highway 653 and 647 will raise a self-storage company’s brand in the Greater Richmond Area while providing an ideal location in a residentially-dense area.
The property is situated across two parcels of land that have been zoned for commercial self-storage and is located at 10700 Reams Road North and 27 North Courthouse Road. Residing on approximately 7.30 acres, the proposed development consists of approximately 70,925 rentable square feet and 90,280 gross buildable square feet in its first phase among three buildings. After the completion of phase two, the facility is projected to total an estimated 110,175 rentable square feet and 143,060 gross buildable square feet. The facility would be primarily composed of 89.3 percent climate-controlled storage and 10.7 percent non-climate controlled, drive-up storage. The proposed layout would allow for wide, 45’ aisles and two elevators for ease of access to storage units. By utilizing the provided ratio of climate and non-climate controlled storage, the investment is estimated to stabilize in year three at 90 percent occupancy. The site is fully-entitled to be constructed as a phased development, or in whole.
The area surrounding the facility is a perfect balance of residential homes and multifamily for a five-mile population of 145,863 and 56,911 households and major national retailers on U.S. Highway 60/Midlothian Turnpike, including Target, Wegmans, Walmart Supercenter, Sam’s Club and numerous others. The five-mile vicinity has over 15 major shopping centers to accommodate the growing population, such as the enclosed 140-store Chesterfield Towne Center, anchored by JCPenney, Macy’s and At-Home. The five-mile population’s average and median household incomes are $94,436 and $71,149, respectively, both exceeding the national average. The Richmond, Virginia Metropolitan Statistical Area is growing at a steady rate as a result of a significant suburban sprawl in recent years, especially in Chesterfield County. The growth has led to national attention from retailers expanding into the market, as demonstrated by the major retail-heavy corridor along U.S. Highway 60 less than one mile from the subject. The MSA’s centralized location has continued to flourish, also benefiting from population increases across the state’s surrounding regions.
The Mele Group of Marcus & Millichap is pleased to offer Hyde Park Storage. The offering represents an exceptionally rare opportunity to acquire a self-storage asset located in Tampa's highest barrier-to-entry market, the affluent neighborhood of Hyde Park. Acquisition of the facility offers an investor a safe and secure investment with outstanding demographics in the one, three and five-mile radiuses in one of Tampa's most exclusive areas.
The multistory facility is home to 205 climate-controlled units, ranging in size from 15 square feet to 150 square feet. Since 2016, the subject has undergone extensive upgrades, including new painting, landscaping and renovations to the office and bathroom. Historically, the property has maintained high occupancies and demand continues to remain strong, as indicated by the current physical and economic occupancies of 94 percent and 85 percent, respectively.
Steeped with history, the rapidly-growing Hyde Park is adjacent to the University of Tampa and Downtown Tampa. The surrounding area has a one-mile population of 19,739 and a five-mile population of 214,937, paired with a high ratio of renter-occupied housing units and an average household income of $93,622, exceeding the national average. Since 2000, the Tampa Bay Area has seen a massive population growth of 43.87 percent and consistently ranks among the fastest-growing metro areas in the nation.
The Mele Group is pleased to offer Self Storage Centers of America, located in the suburbs of Tampa, Florida. Acquisition of the opportunity benefits an investor with a cash-flowing, well-positioned self-storage asset boasting strong demographics and traffic counts. Additional upside can be attained through increasing rental rates to the market’s averages, the current rental rates are significantly below the market.
Built in 2008 on 4.89 acres, the thee-story facility is comprised of 705 units, ranging from 25 square feet to 450 square feet, for a total of 79,325 rentable square feet. Current physical and economic occupancies are 89 percent and 74 percent, respectively. The facility, praised for its management, offers many amenities including 24/7 access, elevators and a wide range of self-storage unit types.
Strategically situated directly on S.R. 676/Causeway Boulevard, the opportunity witnesses traffic counts of over 24,000 vehicles daily. The facility is in close proximity to major highways, including great visibility along U.S. Highway 301 with over 42,000 vehicles daily, as well as the Lee Roy Selmon Expressway with over 84,000 vehicles daily and Interstate 75. Adjacent to the facility is a major planned development, consisting of a 152-acre town center, The Village at Crosstown. This large, mixed-use project will include over 3,000+ multifamily units, 150+ hotel rooms, 350,000+ square feet of retail and 170,000+ square feet of office, matching the high growth of the immediate vicinity.
Palm River-Clair Mel is a major suburb of Tampa and notably one of the fastest-growing suburbs within the country. Tucked away in Hillsborough Bay, Palm River-Clair Mel primarily consists of residential housing with numerous multifamily complexes that have come online since 2000, resulting in a high amount of renter-occupied housing units. The Tampa Area alone has an estimated population of over 3,030,953 residents, it’s the second most populous metro area in the state, and notably has one of the state's highest job growth rates, drawing residents to the Palm River-Clair Mel area.
Hemet Self Storage is comprised of 711 non-climate controlled units among 77,758 rentable square feet with an on-site residence and a self-service kiosk. The site's current physical and economic occupancies are 76.3 percent and 60.3 percent, respectively, with the potential to raise rates to the market's averages.
Surrounded by a great mixture of residential, retail and industrial from all directions, the facility's five-mile radius population consists of 162,883 individuals. A number of retailers are in the immediate area, including Walmart, GameStop and Regal Cinemas. Along the facility's thoroughfare are traffic counts of over 20,388 vehicles daily. Hemet is part of the Riverside-San Bernardino-Ontario, California Metropolitan Statistical Area, a component of the populous Greater Los Angeles Area.
Reno Self Storage encompasses 63,700 rentable square feet among 291 non-climate controlled units with the upside potential to further generate revenue by implementing boat/RV storage throughout the parcel. The facility has an on-site manager's apartment, a self-service kiosk, high clearance inside of its buildings and extra wide aisles for ease of utilizing drive-up units. The subject has a high physical occupancy of 96.9 percent, and an economic occupancy of 75.7 percent.
The facility is in close proximity to numerous highways, including major Interstate 80 which sees traffic counts of over 101,180 vehicles daily, paired with an impressive five-mile population of 220,527 and multiple national retailers such as Walmart and Lowe's. The area is experiencing high growth with the addition of the highly-anticipated Tesla Gigafactory, which became operational in the first quarter of 2016. Overall, the Gigafactory is projected to bring over 9,000 jobs to the city once completed in 2020. Sparks is a suburb of Reno, and a prime component of the Reno-Sparks Metropolitan Statistical Area.