Recent Sales Archives - Page 18 of 23 - Cushman & WakefieldCushman & Wakefield

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CLOSED
NRSF – 108,850

908 Sherman Street
San Diego, CA 92110

Call for Information
NRSF – 77,700

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border_size=”0″ border_color=”” border_style=”solid” border_position=”all” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”no”][fusion_tagline_box backgroundcolor=”” shadow=”no” shadowopacity=”0.70″ border=”1″ bordercolor=”” highlightposition=”top” content_alignment=”left” link=”” button=”” linktarget=”_self” modal=”” button_size=”” button_type=”” button_shape=”” buttoncolor=”default” title=”The Memphis MSA Self Storage Portfolio is Under Contract.” description=”” margin_top=”” margin_bottom=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” /][/fusion_builder_column][fusion_builder_column type=”1_4″ layout=”1_4″ spacing=”” center_content=”no” link=”” target=”_self” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_image_id=”” background_color=”#003865″ background_image=”” background_position=”left top” undefined=”” background_repeat=”no-repeat” hover_type=”none” border_size=”0″ border_color=”” border_style=”solid” border_position=”all” padding_top=”20px” padding_right=”20px” padding_bottom=”0px” padding_left=”20px” margin_top=”20px” margin_bottom=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”no”][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”custom-property-box-text” id=””]

CLOSED
NRSF – 490,187

Multiple Addresses
Memphis, TN MSA

The Memphis MSA Self Storage Portfolio is comprised of eight facilities across 490,187 net rentable square feet. The portfolio offers 296 climate-controlled units, 3,186 non-climate-controlled and drive-up units, 384 boat/RV parking spaces and one commercial office space for a total of 3,867 units. The Titus, Country Park and Winchester properties offer an on-site manager’s apartment. The Country Park apartment was newly renovated and all three apartments are currently occupied. Each property has recently completed various capital improvements, including unit conversions, painting and LED retrofitting, among other beneficial upgrades. The portfolio has a strong physical occupancy of 93.9 percent, which is indicative of the demand for storage within the Memphis Metro Area. Each site utilizes electronic gating and 24-hour video surveillance to ensure secure self-storage. An investor has the unique opportunity to profit from a distinct market footprint; all facilities have a strong presence in their respective regions of Memphis.

The portfolio covers several major divisions of Memphis, asserting market dominance throughout the MSA. The maximum driving distance between facilities is 37.5 miles, allowing a regional manager to operate these sites seamlessly. Each property offers convenient access to the region’s major thoroughfares, including Interstate 240, Interstate 55 and Interstate 40. The portfolio benefits from its location in the 42nd largest metro area in the United States; Memphis is the third largest city in the Southeastern United States and the eighth largest in the Southern United States.

Acquisition of the Memphis MSA Self Storage Portfolio secures eight stabilized assets in a densely-populated MSA with multiple upsides. The financial upsides include a proforma cap rate of 8.74 percent. This capitalization rate is combined with overall strong forward-looking financials: in years five and seven are projected leveraged IRRs of 35.9 percent and 31.3 percent, and cash-on-cash returns in years one and two are anticipated at 17.4 percent and 20.4 percent. An investor can capitalize by continuing to raise occupancies, in addition to implementing new management to establish systematic operations at each site. The portfolio represents a prime opportunity to invest in a market with minimal supply within a three-mile radius at all locations. Additionally, there is expansion opportunity across the portfolio to accommodate for the high demand for storage. Furthermore, a new owner will have the ability to scale revenue and leverage expenses with each property being situated in the same MSA.

Investment Highlights:

Prime Opportunity to Acquire Eight Stabilized Assets with a Significant Market Footprint in the Memphis MSA
High Portfolio-Wide Physical Occupancy of 93.9 Percent
Proforma Cap Rate of 8.74 Percent
Years 5 & 7 Leveraged IRRs of 35.9 Percent and 31.3 Percent
Years 1 & 2 Cash-on-Cash Returns of 17.4 Percent and 20.4 Percent
Minimal Supply Within a Three-Mile Radius at Each Location
Maximum Driving Distance of 37.5 Miles Between Facilities
Implement a Regional Manager to Increase Efficiency and Operations at Each Site
Various Capital Improvements Across the Portfolio
Capitalize by Scaling Revenue and Leveraging Expenses

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UNDER CONTRACT
NRSF – 69,219

1849 SW S Macedo Blvd
Port St. Lucie, FL 34984

American Personal Storage is comprised of 69,219 rentable square feet on approximately 4.1 acres of land. The facility offers 256 climate-controlled units and 294 non-climate-controlled units, ranging from 25 square feet to 510 square feet, in addition to 52 parking spaces for a total of 602 units. To ensure a secure premise, the subject property is equipped with video surveillance, fencing, electronic gating and keypad access. The facility has physical and economic occupancies of 92.5 percent and 76.4 percent, respectively. American Personal Storage has expansion potential and recently underwent several capital improvements to enhance the facility, including upgraded lighting, new painting and a new boat/RV parking area. The site offers excellent visibility from Florida’s Turnpike, which is one of the most-frequented commuter roadways in Florida.

The facility is located at the center of a dense residential corridor in Port St. Lucie, Florida. The site benefits from direct frontage along South Macedo Boulevard and offers premium visibility from Florida’s Turnpike; these thoroughfares sustain traffic counts of over 16,000 and 40,000 vehicles per day. Florida’s Turnpike is used by more than two million motorists daily, offering convenient routes and easy access to major highways throughout the state. Additionally, the subject is within a mile of Port St. Lucie Boulevard with a vehicle count in excess of 22,000 daily. There is a surrounding three-mile population of approximately 80,000 individuals. The site benefits from limited competition; there is only one other storage provider within three miles. Port St. Lucie is the anchor of the Port St. Lucie Metropolitan Area and the third-largest city in South Florida.

American Personal Storage represents a unique opportunity to acquire a facility with multiple upsides in a thriving demographic region along Florida’s Treasure Coast. The property has strong, forward-looking financials with projected cash-on-cash returns of 12.1 percent and 13.5 percent in years two and three, in addition to leveraged IRRs of 19.1 percent and 19.3 percent in years five and seven. An investor can benefit by bolstering the current truck rental and tenant insurance programs for additional revenue. Furthermore, the subject is well-positioned for success due to its high occupancies in a desirable and growing market.

Investment Highlights:

Well Maintained Asset with Numerous Upsides in Port St. Lucie, Florida
Low Three-Mile Supply of 1.68 Net Rentable Square Feet Per Person
Prime Visibility from Florida’s Turnpike With a Traffic Count in Excess of 40,000 Vehicles Daily
Cash-On-Cash Returns of 12.1 Percent and 13.5 Percent in Years Two and Three
Leveraged IRR of 19.1 Percent in Year Five
80,000 Individuals Within a Three Mile Radius
Recently Completed Several Capital Improvements, Including New Lighting and a Boat/RV Parking Area

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NRSF – 158,501

Multiple Addresses
Rockledge & Cocoa, FL

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Call for Information
NRSF – 74,940

Call for Information
NRSF – 134,318

UNDER CONTRACT
NRSF – 58,500

541 Acorn Street
Deer Park, NY 11729

4 Storage of Deer Park is comprised of 58,500 rentable square feet on approximately 2.9 acres of land. The facility offers 184 climate-controlled units and 357 non-climate-controlled units for a total of 541 total units. The facility offers a modern structure and a spacious office. The property has recently undergone several capital improvements, including total asphalt paving, HVAC system improvements, a building conversion and solar energy attic fans operated by solar panels. To ensure a secure premise, the facility is equipped with 24-hour video surveillance and electronic gating. The subject has strong physical and economic occupancies of 87.5 percent and 94.1 percent, respectively. 4 Storage is well-maintained and offers a wide variety of options to accommodate this thriving suburb of Long Island, New York.

The facility is impeccably situated in a densely-populated residential corridor of Deer Park, New York; a major suburb of Long Island, New York. The site benefits from the surrounding population of over 103,000 individuals within three miles, in addition to an affluent median household income of $123,274 within this same radius. The subject offers direct frontage along Acorn Street, which sustains a traffic count of over 4,000 vehicles per day. The property is within a mile of County Road 2; a major roadway which sustains a traffic count of over 18,000 vehicles daily. Advantageously, there is a low supply and currently no self-storage projects planned or under construction within a three-mile radius. Long Island offers convenient access to New York City and is a critical division of the New York Metropolitan Area, which is the most populated MSA in the nation and one of the most desirable metro areas in the world.

4 Storage of Deer Park allows an investor the opportunity to acquire a stabilized asset with multiple upsides in the unofficial capital of the world. The property has forward-looking financials with cash-on-cash returns of 10.5 percent and 12.0 percent in years two and three, in addition to projected leveraged IRRs of 19.9 percent and 19.2 percent in years five and seven. Additionally, the purchaser will benefit from raising rents to meet the comparable average. Furthermore, the opportunity represents a significant advantage in obtaining a stabilized facility in one of New York City’s most populated and prosperous districts.

Investment Highlights:

Stabilized Asset Located in the New York Metro Area; the Most Populated MSA in the United States
Cash-On-Cash Returns of 10.5 Percent and 12.0 Percent in Years Two and Three
Leveraged IRR of 19.9 Percent in Year Five
Various Capital Improvements Including Total Asphalt Paving, HVAC Improvements and Solar Energy Fans
Over 103,000 Individuals Within Three Miles of the Site
Affluent Median Household Income Exceeding $123,000

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Cushman & Wakefield has been retained as exclusive advisor to offer for sale Garfield Storage (the “Property”). Garfield Storage is a newly constructed (2017), institutional quality project located in the densely populated, high growth downtown Phoenix trade area.

The project currently totals 83,710 rentable square feet (SF) demised into 740 storage units. Seventy-five percent of the space is climate controlled with the remainder offering drive-up access. The property is a best-in-class, institutional quality asset with a prominent, highly visible location adjacent to Interstate 10 and offers visibility to over 200,000 cars per day. The project opened in February 2017 and has experienced rapid lease-up (72% occupied as of September 2019).

The project also offers a fully-entitled, ready to build expansion opportunity. The current approvals call for an additional 21,500 rentable SF of drive-up access space on the parcel adjacent to the existing store. Once completed the store will total approximately 105,000 rentable SF with an excellent mix of climate-controlled and drive-up access units. The zoning on the adjacent parcel also offers the ability to redesign the current expansion approvals to build more square footage and/climate-controlled units.

Garfield Storage is located in a market with high population densities (143,000 people within three miles) and dramatic new residential growth. The site is located less than 1.3 miles from the downtown Phoenix core and within 3 miles of the subject, 3,969 new residential units have been built or are currently under construction/planned.

This offering represents a rare opportunity to acquire a Class A, almost stabilized asset with a value-add/expansion component in one of the fastest growing and dynamic markets in the U.S. The Phoenix metro area has added 692,289 to its population in the past nine years and is expected to grow by an additional 413,400 over the next five years.

Property Summary:

LOCATION: 1616 E. Portland Street, Phoenix, AZ

RENTABLE BLDG SF: 83,710 SF (current)

TOTAL UNITS: 740 Storage Units (current)

EXPANSION: 21,555 rentable SF

TOTAL PROJECT: 105,265 rentable SF (after expansion)

SITE AREA: 4.14 acres, 180,338 SF

YEAR BUILT: 2017 (opened February 2017)

OCCUPANCY: 72% (Sept 2019)

PROJECTED STABILIZED RENT PER SF: $1.42 monthly (estimated)

STABILIZED GROSS POTENTIAL RENT: $1,792,800 (estimated)

Investment Highlights:

DYNAMIC, HIGH GROWTH TRADE AREA
Garfield Storage is an institutional quality asset located in the highly desirable downtown Phoenix trade area. The three-mile population is in excess of 143,000 people with the five-mile population more than 350,000 people. The Phoenix/Maricopa County MSA has been one of the fastest growing areas in the country and was the fastest growing county in 2018. The Phoenix MSA is now home to 4.9 million people making it the 11th most populous in the U.S. The population of Phoenix is expected to grow by an additional 692,289 people over the next five years.
VALUE-ADD/EXPANSION OPPORTUNITY
Garfield Storage opened for business in February 2017 and has experienced rapid lease-up since opening (72% occupied as of September 2019). The project offers a rare opportunity for a buyer to capitalize on increasing rental rates as the project finalizes stabilization, as well as a compelling, fully entitled expansion component. The expansion component is on the adjacent parcel with a separate entrance and won’t impact the existing operation while under construction. The current approvals call for 21,555 rentable SF of 100% drive-up access units. The existing zoning allows for a different design if a potential buyer wanted to redesign the expansion to add more space and/or climate-controlled units.
HIGHLY VISIBLE, EASILY ACCESSIBLE LOCATION
Garfield Storage is located adjacent to Interstate 10 at the northeast corner of N. 16^th and Portland Streets. The buildings and 30-foot tall pole sign are visible to the Interstate-10 (both east and west bound traffic), which has a traffic count of approximately 200,000 cars per day. The project also offers tremendous visibility and accessibility to N. 16^th Street, a major north/south thoroughfare with more than 30,000 cars per day.
PREMIER, BEST-IN-CLASS ASSET
Garfield Storage is a newly constructed Class A, institutional quality store that was developed with the long-term hold in mind. The project offers an excellent mix of climate-controlled and drive-up access units, ample customer parking, covered loading areas, wide drive aisles and an overall highly functional and efficient design. The project offers tenants easy access with right and left turns off N. 16^th Street and plenty of room to maneuver moving trucks.

UNDER CONTRACT
NRSF – 83,710

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UNDER LOI
NRSF – 21,327

12 Irongate Drive
Waldorf, Maryland 20602

Ideally situated in the populous Washington, D.C. Metropolitan Statistical Area, Budget Self Storage offers exceptional upside in an affluent community boasting a median household income of $98,000 within a five-mile radius. This is a prime opportunity to substantially raise revenue by increasing rental rates to match the market; currently, rental rates are approximately 25 percent below market. An investor can also enhance returns through the collection of fee income, the implementation of a tenant insurance program and the introduction of a self-service kiosk to reduce management salary costs. Furthermore, the facility currently lacks a digital presence; acquisition advantageously allows for a new owner to capitalize on offering an online payment system and search engine optimization (SEO) as the rate in which tenants discover self-storage locations through online searches has continued to skyrocket over time.

Budget Self Storage consists of 21,327 rentable square feet among 204 non-climate-controlled, drive-up storage units, resulting in a physical occupancy of 84.4 percent and an economic occupancy of 76.9 percent. To secure the premises, the facility is equipped with video surveillance, full-perimeter fencing, keypad access and gated entry. Within the past two years, capital improvements have been made to ensure the facility is well-maintained and an optimal choice for consumers.

Residing on 1.5 acres at 12 Irongate Drive, the site offers convenient access to several high-traffic thoroughfares in the surrounding region of Waldorf. The property is conveniently 1.4 miles from U.S. Highway 301/Crain Highway, which sees an estimated traffic count of over 61,400 vehicles daily and serves as a major connector within the region. Leonardtown Road and St. Charles Parkway are also in close proximity, with estimates exceeding 29,000 and 19,000 vehicles daily, respectively. Centered on Washington, D.C., Waldorf is a suburb of this metro area that is notably one of the most educated and affluent metro areas within the nation.

Investment Highlights:

Exceptional Upside in an Affluent Community Boasting a Median Household Income of $98,000 Within a Five-Mile Radius
Opportunity to Substantially Increase Revenue Through Raising Rates to Match the Market; Currently, Rental Rates are Approximately 25 Percent Below the Competitor Average
Ability to Create Cash Flow Through the Implementation of a Tenant Insurance Program and the Introduction of a Self-Service Kiosk
Acquisition Allows an Investor to Capitalize on Enhancing the Facility’s Overall Market Presence Through Having a Digital Footprint; the Property Lacks a Website and its Subsequent Advantages, Including an Online Payment System and Search Engine Optimization (SEO)
Convenient Access to U.S. Highway 301/Crain Highway at a 1.4-Mile Distance and an Estimated Traffic Count of Over 61,400 Vehicles Daily
Surging Population Rate of 1.57 Percent Annually, or 6.28 Percent Over Five Years
Waldorf is a Robust Suburb that Serves as a Community with Majority of its Residents Working Within D.C. or the Metro Area’s Components, Most Notably Representing Personnel of Andrew’s Air Force Base
Located in Washington, D.C. Metro Area, Reputed for its Well-Educated and Affluent Demographics, and an Overall Population of 6.2 Million Individuals as Reported by the 2017 U.S. Census
Median Household Income of $113,568 Within a Three-Mile Radius
Annapolis is a Prosperous Component of the Baltimore-Columbia-Towson MSA and the Baltimore-Washington CSA