New Construction Maryland Self-Storage Portfolio
On behalf of ownership, Cushman & Wakefield is pleased to offer for sale, the two property Class A Maryland portfolio.
Consisting of an aggregate 174,715 rentable square feet of storage, the portfolio represents an opportunity to gain substantial presence in two of suburban Baltimore’s most prestigious and sought after sub-markets. Offering both climate controlled, standard drive up and vehicle storage, both locations are well positioned to serve their respective customer base.
The Pikesville property, at 1315 Greenwood Rd., Pikesville, Maryland, is tucked within a dense residential enclave of upscale homes, with three mile population of 110,515 enjoying a median household income of $90,382. Current supply within the trade area totals 4.11 square feet per capita. Barriers to entry in the subject submarket are almost insurmountable, with no land zoned appropriately for further storage development. This drive through facility offers climate controlled units, standard drive-up and indoor vehicle storage, while a commercial tenant occupies 32,000sf +/- of a total 209,053 gross square feet. Remaining space allocation is 84,290 climate controlled storage, 34,000sf dedicated to indoor vehicle storage with 88 car/boat spaces and 10 motorcycle spaces. Currently under development is an additional 13,900 square feet of standard drive-up units with delivery (CO) expected Q2. Given the high barriers to entry and the lack of competition in this submarket, there is consideration to convert the commercially leased space to climate controlled storage which would yield an additional 22,400 +|~ NRSF.Other property amenities include full perimeter fencing; electronically secure ingress/egress; full video surveillance; drive through indoor loading and unloading; state of the art office and convenient location within trade area. The property also benefits from a 10 year state tax abatement program.
The Baltimore asset, located at 707 S Caton Ave., is ideally positioned along a busy commuter route, .6 mile from the I-95 interchange on Caton Ave. More than 26,500 vehicles pass the facility daily. The property offers drive-up standard, drive-up climate controlled and interior corridor climate controlled units among 76,625 rentable square feet and 737 units. All units offer ground floor access. Population within the three mile trade area is 190,995 with a median household income of $53,324. Current supply stands at 4.7 feet per capita within three miles. While there is an additional one square foot/person in various stages of development, all planned facilities within the three mile ring are outside the subject’s effective trade area and are concentrated in the downtown Baltimore submarket. Twelve month average rental rates within the trade area are approximately $23.40psf. The property will benefit from a state tax abatement program for the next eight years.
The successful buyer will realize superior returns through powerful pricing leverage in two undersupplied markets. Barriers to entry within the Pikesville market will translate into unchallenged pricing, while the Caton Avenue location will achieve superior pricing as the best in class asset within the trade area.