Our client in this self storage sale had delegated the day-to-day management of this asset for many years when outside factors caused him to assume the management responsibility. After some review, the owner decided that market conditions indicated a higher return could be made through a sale vs. taking up to a year to complete a performance reposition. At this point the owner sought out our services. The property consisted of self storage buildings surrounded by a large area for boat & RV storage. It was this configuration that eliminated many institutional buyers from the buyer pool and we knew we would need to identify a special kind of buyer who was willing to venture outside of traditional self storage criteria.
Since the facility featured two different types of storage products (self storage and vehicle storage), our team focused on packaging the property as a cash flowing asset. Our market studies confirmed that the property had value add potential through improved management. The property and market conditions indicated an unpriced marketing of the property through which we secured a number of strong offers for our client. Our team ultimately managed a round of best and final offers for the asset before the client selected the winning bidder.
A local buyer presented the best offer and our team set to work on managing the escrow milestones. Though there were some delays resulting from the buyer’s use of an SBA loan to acquire the asset, our team managed the process and deliverables resulting in a successful closing and a price that our client was incredibly satisfied with.
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