Cushman & Wakefield has been selected to exclusively market the sale of the REIT Managed Fort Lee Self Storage – Hopewell, VA.
This offering presents investors with an opportunity to obtain a newly constructed Class A, facility within the Richmond, VA MSA. The asset provides over 72,000 Net Rentable Square Feet in a Dynamic Richmond MSA Submarket supported by Fort Lee Military Base. As of the date of publication, the facility is 70% physical occupied at favorable rental rates.
This REIT Managed Fort Lee Self Storage is a three-story, Class A storage asset in Hopewell, Virginia currently in its final phase of lease-up. The facility, located at 4017 Old Woodlawn Street, Hopewell, Virginia offers 72,475 net rentable square feet among 730 units and 29 parking spaces. The facility, which opened November 2019, is strategically located in close proximity to Fort Lee Military Base with immediate access to Interstate 295.
The REIT Managed Fort Lee Self Storage offers tenants a wide variety of premium climate controlled and non-climate units with easy access via a covered loading area. As of the date of publication, and after only 27 months, the asset is 70% physically occupied and 50% economically occupied. The expeditious lease up demonstrates high storage demand in this sub-market. This opportunity to acquire a brand-new storage asset within its final phase of lease-up, allows an investor the ability to capitalize on superior returns upon stabilization.