Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield’s Self-Storage Advisory Group represented the seller, an individual private owner, in the transaction.
Ideal Property Group acquired the properties, which combined total a total of 94,976 net-rentable square feet and are 75.6% physical occupancy. The opportunity offered the potential for a new investor to improve the facilities by bringing in an onsite management team, divergent to the previous owners off-site management structure.
“While the effects of the current economic environment have slowed institutional deals, private client deals are still closing,” Mele said. “Now more than ever private clients are seeking the stability and security of the self-storage sector."
“In these challenging times Cushman & Wakefield made the sales process smooth by being responsive and easily available, which enabled us to keep the deal on track,” said Jason Gherghel, Managing Principal of Ideal Property Group.