This self storage was constructed thirty years prior to our team listing the property and featured a car wash on one of the corners of the property. Over the years, many of the original partners passed away leaving the managing partner (our client) with heirs as his partners. The management of this new group of investors became a driving factor behind a vote to sell the property. The property was located in Yuma, which could be described as a secondary market of Arizona but a tertiary market by national standards. Though there were solid underlying economic drivers, we had handled properties like this before and knew the routine: sell the market first and the property second.
Our team began by creating an offering memorandum that clearly showed the solid base economic drivers of Yuma County. Second, we focused on the historic performance of the property, highlighted ways it could be improved, and shared how the local market was underserved in regards to self storage properties. Using our national database we openly advertised the property, reaching numerous qualified buyers and delivered multiple offers to our client for the facility.
Through our aggressive multi-channel marketing platform, a well-heeled local buyer who did not own self storage came forward and submitted the highest bid for the facility. With several other regional investors in back-up positions, we were able to keep our local buyer on a tight time frame and closed the sale with a twenty-four day escrow. Our clients received a generous price for the property and an uneventful escrow.
“Jeff performed exactly as he said he would and lived upto [all] expectations. I have been a long time commercial broker but took our storage to Jeff to list and sell the property because I felt he was an expert in storage facilities. Jeff is a professional with many contacts and did a great job of selling our facility at the full listed price.“
-Ross Wait
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