Recent Sales Archives - Cushman & WakefieldCushman & Wakefield

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Market Bid

NRSF – 70,281

Phoenix, AZ

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This 70,281 net rentable square foot facility includes 517 climate-controlled first-floor units and 18 climate-controlled drive-up units totaling 535 units, as well as 4 RV & boat parking spaces with gated access. It includes premium features including gated access, 24/7 surveillance, and a drive thru loading area.

The 3-mile trade area boasts a dense population of 152,254 people with strong growth trends benefitting from recent migration trends. Located at the intersection of W Greenway Rd and N 35th Ave, the facility has exceptional visibility with approximately 64,000 annual average daily traffic volume. The facility is also located in close proximity to many fast-food restaurants, grocery stores, and retail locations, as well as easy access to Interstate 17.

With physical occupancy at 90% and economic occupancy at 55%, the strong migration trends provide ample opportunity for revenue growth and rate increases as Phoenix continues to be one of the fastest-growing metros. This facility also boasts an impressive in-place net operating income of just under $1MM.

INVESTMENT HIGHLIGHTS

Densely populated 3-mile trade area with a population of 152,254
Located in one of the fastest-growing metros
Easy access to Interstate 17
High physical occupancy with the opportunity to raise rents
Exceptional visibility with approximately 60,582 annual average daily traffic volume
Strong cash flow of just under $1 MM
Built with industry-leading drive-thru for ease of access

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Price: Marked Bid
NRSF – 59,438

Jamul, CA

This offering presents a rare opportunity to acquire a newly developed, class A quality self-storage project in the highly sought-after market of San Diego County. The project is located in the East County community of Jamul – a high-end, high-income suburb with a median household income of $151,435 within a 3-mile radius.

Built in 2021, the 59,438 square-foot project has an excellent mix of drive-up units as well as rare, high bay indoor RV & Boat parking units. Approximately 63% of the total square feet of the project offers drive-up access with those units at 97.8% occupancy after only 8 months of leasing. The store has seen tremendous leasing activity since delivery in December 2021 with physical occupancy at 72.4% (by units) as of the end of August 2022. With physical occupancy nearing stabilization and economic occupancy at 60%, this project provides a tremendous opportunity to immediately and aggressively raise rental rates driving value-add type returns.

INVESTMENT HIGHLIGHTS

New class A construction, opened in December 2021
72.4% occupied after only 8 months of leasing
All ground level units with 63% of space offering drive-up access
Opportunity to convert large, interior units to smaller sizes driving rent per SF
Located in Jamul, CA; a San Diego suburb with a median income of $151,435
Tremendous upside in rental rates and economic occupancy

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Price: Market Bid

NRSF: 772,940

UNDER AGREEMENT

The Wittmann RV and Boat Storage entitled land offering represents the rare opportunity to acquire a fully entitled RV development with no other developed RV facilities within a 5-mile radius. The facility, located just north west of Surprise, AZ and Sun City West, when completed will deliver 722,940 sf of RV and Boat parking within a county that is severely underserved regarding RV parking. Through a two-year approval process, the current owners strategically entitled this specific property because of its half-mile long frontage on Route 60, which is one of the most heavily traveled roadways in Maricopa County, seeing 23,000+ cars per day. In addition to the incredibly visibility, Route 60 is one of the major roadways that provides access to both the Lake Pleasant and Lake Havasu vacation destinations as well as direct access to the rapidly growing Wickenburg market.

At completion this Class-A facility will boast a total of 1,305 RV units across 35.56 acres making it one of the largest RV parking sites in Arizona. With a mix of both uncovered and covered spaces, the plans include amenities such as trickle charge, a dog run, a RV wash and propane just to name a few. Access to the property is extremely efficient allowing both the east and west bound traffic to have the ability to enter into the facility without a lighted intersection. Well-positioned in a market where the household average income within a 5-mile is $104,251 the property benefits from its proximity to both Surprise, AZ with a population of 139,700 (2020) and Sun City West, Arizona’s premier adult golf retirement community. Interstate 11 is a proposed highway, which, when completed, will connect Nogales to Las Vegas with the first phase slated to end in Wickenburg. There are a number of additional developments proposed within the direct vicinity of Wittman RV. Burlington Northern is a 3,508 acre site, directly across from Wittmann RV, that was recently purchase by BNSF railway. Plans for that property will potentially be an intermodal shipping facility and rail hub. Walden Ranch, which is a site situated about a half mile to the west of the property is proposed for 1,500 homes and will have access to and from the Wittmann RV off of Gordon Way.

With minimal competition within a dramatically growing region, Wittmann RV and Boat Storage presents an investor with the ability to acquire a fully-entitled, shovel ready project with expansive growth potential. With market leading amenities, half-mile frontage on Route 60 and the ability to set strong rates from day-1, Wittman RV is poised to provide an owner with exception returns by acquiring a product with tremendous lease up potential.

INVESTMENT HIGHLIGHTS

722,940 NRSF of Boat & RV Storage to underserved market
Great visibility from W Grand Ave (23,602 AADT)
31,935 homes sites planned within 5 miles of property
1500 homes planned with a quarter mile in Walden Ranch
Burlington Northern purchased 3,508 acres for a potential rail hub near property
Taiwan Semiconductor Manufacturing Co. investing$12B on 1,129 acres near the facility projecting 2000 employees working at the plant

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Price: Market Bid

NRSF: 80,914

UNDER AGREEMENT

Acquire a long-standing, established self-storage property located in the fast-growing Fort Lauderdale metro area. Altogether, the Fort Lauderdale metro is home to nearly 6.2 million residents, which has grown nearly 20 percent within the last decade. While self-storage remains a lucrative sector, starting a new business is tough—Florida is currently the nation’s hottest commercial real estate market. High development costs coupled with startup fees create substantial barriers to entry here, which is why this Pembroke Pines self-storage facility is such an exciting opportunity.

Situated 20 minutes Northwest of Miami and 20 minuets Southwest of Fort Lauderdale, this property is easily accessible from I-75 and close to Broward College. This affluent suburb boasts a median household income of over $111K within a one-mile radius.

Built in 1997, the 80,914 square-foot facility comfortably hosts 947 units. Tenants benefit from modern conveniences like drive-up access, ground-floor units, elevators, climate-controlled units, options for vehicle, boat and RV storage and 24-hour security surveillance.

An optimal location coupled with an array of convenient features has made Pembroke Pines a stabilized facility. Physical occupancy is at 97%, while economic is only at 85%, which means easy revenue growth through increasing rent.

For a savvy investor, this self-storage opportunity allows an investor to acquire an established business poised for an immediate return on investment in the highly competitive South Florida region.

INVESTMENT HIGHLIGHTS

Property is located within a suburb of Fort Lauderdale / Miami, one of the nation’s fastest- growing metropolitan areas with a population nearing 6.2 million.
Optimal location close to Florida International University and Broward College.
Median household income of over $111K within a one-mile radius.
Established facility completed in 1997.
The 80,914 square-foot structure is equipped with 947 units, including climate-controlled options.
RV, boat & vehicle parking options available.
Property is protected by a 24-hour security system.
Facility is physically stabilized with physical occupancy at 97% and economic occupancy at 85%.
Facility is undergoing repaving, to be completed by 9-22

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Price: Market Bid

NRSF: 70,931

UNDER AGREEMENT

Take advantage of an exclusive opportunity to acquire an established storage facility in the bustling Atlanta metropolitan area. Home to a staggering 6 million residents, Atlanta is the ninth most populous metro area in the nation. A well-educated workforce coupled with affordable costs of doing businesses continue to draw new opportunities to the busy metro.

Less less than 30 minutes from Atlanta lies Peachtree Corners—the only northern Atlanta suburb that developed as a planned community. The self-storage facility listed for sale is located at 7112 Peachtree Industrial Blvd, which is just off of I-285, between Winters Chapel Rd and Amwiler Rd, near First Senior Center. This densely populated area is home to 9,397 residents within a one-mile radius, 87,302 within three miles and 249,566 within five miles. The median household income is $70,632 within a five-mile radius.

This property offers a multitude of storage options for the metro’s growing population. Built in 2021, this modern structure offers a total of 692 rentable units. The 70,931 square-foot facility includes climate-controlled storage options as well as 24-hour access with personal keypads and around-the-clock video surveillance.

All elements considered, this sale presents a unique opportunity to secure an optimally located facility in a prominent, densely populated metropolitan area where self-storage demand only continues to grow.

INVESTMENT HIGHLIGHTS

Established businesses located in the Atlanta metropolitan area; current population is 6 million.
Facility offers a total of 70,931 square feet of space and 692 fully climate-controlled units.
Convenient location with quick access from I-285.
Belongings are safeguarded by state-of-the-art video surveillance.
Physical occupancy is 78.5% / 79.6% while economic occupancy is 69.26%.

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Price: Market Bid

NRSF: 75,097

UNDER AGREEMENT

Take advantage of the opportunity to acquire an established self-storage property in Alabama’s second most populous city. The metro area of Birmingham comprises 1.1 million residents. The city is consistently ranked as one of the nation’s fastest growing thanks to a low cost of living. The city boasts 43% lower housing costs than the national average and 14% lower in overall costs.

The property listed in this sale is conveniently located at Acton Rd and Caldwell Mill Rd, just off US-280E. Within this affluent area, the median household income is $78,480 within a one-mile radius and up to $86,592 within a three-mile radius. Completed in 2021, this modern structure offers 75,097 square-foot of space with 660 various-sized units. Units also come with convenient features like indoor access, first-floor access, elevator access and climate-controlled options to protect personal belongings from sweltering Alabama summers. The facility is protected by a 24/7, state-of-the-art video monitoring system.

Altogether, this sale presents a unique opportunity to acquire an established business with modern updates in a bustling Southern metro bolstered by a positive economic outlook and low cost of living.

INVESTMENT HIGHLIGHTS

Established business serving the growing Birmingham metro; current population is 1.1 million.
Recently renovated structure with an accessible location off of US-280 E.
New-construction facility completed in 2021.
75,097 square-foot structure situated on 2.9-acre lot.
Facility offers 660 fully climate-controlled units.
Physical occupancy is at 75.9% / 68.3% while economic occupancy is at 50.40%.

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SOLD

NRSF – 28,995

The Self-Storage Group of Cushman & Wakefield has been selected to exclusively market the sale of the 4-Property Self-Storage Portfolio located in Roanoke Rapids, NC.

The acquisition of these 4 properties will provide an investor the ability to instantly gain scale in the community, the ability to continue to grow the income as well as the opportunity to easily manage the overall business from one central point.

All locations are well-established, cash flowing, and all within a few minutes’ drive of each other. Built between 1994 and 2020, this opportunity provides 28,995 total rentable square feet that are currently 99% physically occupied, across 287 total units among four total locations throughout town. All locations are securely fenced and 3 of the 4 provide 24/7 video surveillance.

Located along the Roanoke River in Halifax County, Roanoke Rapids, NC, and the surrounding area is a hotbed for outdoor activities. Museums, golf, recreational lake activities, and wine tasting are just a few area attractions that make Roanoke Rapids a desirable place to live and visit. Roanoke Rapids benefits from easy access to Interstate 95 and boasts rising per capita income levels as well as a steady population base.

In summary, this sale presents a unique opportunity to acquire a well-known, well-established self-storage business in a market with no new incoming self-storage development projects.

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SOLD

NRSF – 26,025

Cushman & Wakefield has been selected to exclusively market the sale of Affordable & Safe Self Storage in Naugatuck, CT.

This offering presents prospective purchasers with the opportunity to acquire a fully stabilized asset with multiple upside opportunities. Affordable & Safe Self-Storage, as with all the other assets in the trade area, boasts excellent historical physical occupancy. As of the date of publication, the asset is 97.1% physically occupied.

Affordable & Safe Self Storage is located at 1257 New Haven Road, Naugatuck, CT within very close proximity to major retailers such as a Walmart Supercenter, Dunkin’, Planet Fitness, Tractor Supply, and McDonald’s. The population within the five mile trade area is 72,000+ with a median household income of $80,358. Within the trade area, there is currently only 3.06 NRSF/capita with no projects currently under construction, approved, or planned. The facility is comprised of one, two-story (on grade) building totaling 26,025 net rentable square feet of storage. The units offer a convenient mix of climate controlled interior and non-climate drive-up options. There is a permit-ready, fully approved additional building, which would add an additional 1,700 NRSF of drive-up storage on the south of the parcel.

The successful purchaser will acquire a high-quality, purpose-built, stabilized asset in a market with remarkably low levels of competition. Rate adjustments, tenant insurance penetration, and ancillary revenue streams will provide superior returns in the immediate and longer-term. The confluence of minimal competition, with near 100% occupancy amongst the competitive set leads a prospective owner to have near unlimited pricing power for years to come.

INVESTMENT HIGHLIGHTS

High Occupancy Stabilized Asset with room to push rents
High Demand for Storage with Limited Competition
Purpose-built New Construction
Below Market Rents
No Future Supply Currently Planned, Approved or Under Construction
Opportunity to Implement Professional Management

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