The Mele Group of Cushman & Wakefield pleased to exclusively offer for sale Primos Self-Storage in Clifton Heights, Pennsylvania.
Primos Self Storage is situated in Clifton Heights, Pennsylvania, which is approximately eight miles from downtown Philadelphia. The facility is in a densely populated region; there are over 200,000 individuals with an average household income in excess of $80,000 within a three-mile radius. An investor has the unique opportunity to acquire a newly-constructed facility in a dense retail corridor encompassed by several housing developments. The facility was recently converted and built in the spring of 2017 and is currently in its lease-up phase. A qualified investor can add substantial value in any or all of the following ways; raising rates to match the market’s, adding parking revenue for unused spaces and implementing a truck rental program. A qualified buyer can capitalize on the subject’s superior construction and ideal location upon stabilization.
Consisting of 82,116 net rentable square feet on 5.41 acres, the facility maintains 128 non-climate-controlled units, 590 climate-controlled units and five rental parking spaces for a total of 723 units. The subject offers a wide variety of well-maintained storage options, premium security and on-site management for consumer convenience. The property is secured with surveillance cameras, fencing, electronic gating and optimal lighting throughout the premises. Currently, the facility sustains physical and economic occupancies of 59.5 and 49.1 percent as the lease-up phase continues.
The facility offers multiple entry points from Mildred Avenue and Providence Road. Providence Road has a traffic count of over 14,000 vehicles per day. North Oak Avenue intersects Providence Road and is 0.1 miles from the subject property. North Oak Avenue also sustains a traffic count in excess of 14,000 vehicles per day. The facility is encompassed by a thriving retail corridor and several dense residential zones, demonstrating the need for self-storage within the region. Clifton Heights is a suburban component of Philadelphia, Pennsylvania; the sixth-most populous city in the United States.
The Mele Group Cushman & Wakefield is pleased to exclusively offer for sale the Edmond, Oklahoma Self Storage Opportunity.
Acquisition of the Edmond, Oklahoma Self Storage Opportunity offers an investor the chance to purchase a newly-constructed self-storage facility in one of Oklahoma City’s most affluent suburbs, Edmond. Well-positioned in a top 50 U.S. Metropolitan Statistical Area, the facility features both climate-controlled and non-climate-controlled storage. Furthermore, the facility added a 28,000-square foot building in 2018 to meet the region’s high-demand for self-storage. Upon acquisition, an investor can increase profits by raising rental rates to meet the comparable average. The property offers impeccable visibility from Interstate 35, which serves as a major thoroughfare within the region. The offering demonstrates solid projected cash-on-cash returns of 10.2 percent and 10.8 percent in years two and three, in addition to leveraged IRRs of 18.0 percent and 17.6 percent in years five and seven.
Initially constructed in 2014, the 134,318-rentable square foot facility is comprised of 618 climate-controlled, drive-up non-climate-controlled and boat/RV parking spaces. The current physical and economic occupancies reside at 88.2 percent and 88.3 percent, respectively. The facility is equipped with a fully-fenced perimeter, gated access, a state-of-the-art video surveillance system and individual unit alarms. The subject’s spacious office area consists of two manager’s offices, a showroom and a conference area.
Strategically located along Interstate 35, the property witnesses traffic counts of over 76,000 vehicles daily. The subject is surrounded by an excellent mixture of single-family residential communities and multiple developments that have come underway in the past two years to meet Edmond’s explosive growth. The most significant point of interest is the Edmond Conference Center, which was recently completed in November 2017. Backed by the City of Edmond and paired with the 158-guest Hilton Garden Inn, this large-scale center provides over 20,000 square feet of meeting space while offering extensive retail, restaurant, sport and entertainment opportunities to all of Edmond and Oklahoma City.
Situated just north of Oklahoma City, Edmond has been featured as a top location in CNBC’s "10 Perfect Suburbs" and has repeatedly been awarded as an "Outstanding Community" by the State Chamber of Commerce. Surrounded by the picturesque Arcadia Lake serving as a major community recreation center, the suburb has also enjoyed excellent coverage nationwide, appearing in Newsmax magazine’s list of the "Top 25 Most Uniquely American Cities and Towns."
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Tempe, located within the Phoenix, Arizona Metropolitan Statistical Area.
EXR-Managed Tempe indicates an exceptionally rare opportunity to acquire an impeccably-located self-storage facility in one of the nation’s fastest-growing areas. This opportunity offers a qualified investor significant upside through a strong market footprint, high physical and economic occupancies and a predominantly renter-occupied housing population, statistically demonstrating a higher utilization of storage compared to owner-occupied housing.
Comprised of 61,900 rentable square feet, the facility offers 691 non climate-controlled units, ranging from 25 square feet to 400 square feet, among 37 boat and RV parking spaces for a total of 728 units. To ensure a secure premise and storage units, the facility is equipped with 24-hour video surveillance, personalized gate codes, electronic gated access, professional management and an on-site resident manager. At the meticulously-kept facility is a two-bedroom, one-bathroom apartment to accommodate the resident manager. Overall, the facility boasts a physical occupancy of 90.3 percent and an economic occupancy of 82.5 percent, and is indicative by the high traffic within the facility.
Residing on 3.14 acres at 1964 East University Drive in Tempe, Arizona, the facility is perfectly positioned with excellent curbside appeal. University Drive, seeing an average of 37,400 vehicles daily, links directly to Arizona State University’s Tempe Campus. Lauded for its large student enrollment count of over 42,500 undergraduate students, the facility is less than a mile from the university. The facility is also located minutes away from both Arizona’s Loops 101 and 202; both are primary thoroughfares in the Phoenix Metro Area which witness traffic counts in excess of 101,200 and 174,400 vehicles per day, respectively. As a component of Maricopa County, this county was recognized by the U.S. Census Bureau for adding over 222 new individuals daily, more than any other U.S. county and emerging as the county with the nation’s highest annual population growth. In 2018, the Phoenix MSA was also recognized by the U.S. Census Bureau for having the fourth-largest population gain of any metro area.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Las Vegas, located within the Las Vegas, Nevada Metropolitan Statistical Area.
The acquisition of EXR-Managed Las Vegas offers an investor the chance to purchase a professionally-managed asset with significant upside in Las Vegas, Nevada. Well-positioned in a top 30 U.S. Metropolitan Statistical Area, the facility has excellent frontage along Boulder Highway, in addition to optimal visibility from Interstate 515. The facility was renovated in 2018 with the addition of over $1 million in capital improvements, which includes new paint, new lighting, roof repairs, a new air cooling system and a new, state-of-the-art security system. The property includes one manager’s apartment which can be converted to storage, in addition to a vacant lot along Boulder Highway which can also be converted to self-storage. An investor can further increase profits by raising the non-climate-controlled rental rates to meet the comparable average. Additionally, the facility can benefit from the implementation of a robust tenant insurance program. EXR-Managed Las Vegas has been well-maintained and was repaved in the last six months. The surrounding area is rapidly expanding, as there is a projected population increase of 1.26 percent annually from 2019 to 2023.
EXR-Managed Las Vegas consists of 127,141-rentable square feet and is comprised of 54 climate-controlled, 1656 non-climate-controlled and 75 boat/RV parking spaces for a total of 1,785 square feet. The unit mix is subject to adjustment based on the CONVADD plan on page 13. The current physical and economic occupancies reside at 83.4 percent and 70.9 percent, respectively. The facility is equipped with a fully-fenced perimeter, gated access and a video surveillance system for consumer safety. Furthermore, EXR-Managed Las Vegas others a wide-variety of options and multiple gates for consumer convenience.
Located directly along Boulder Highway, the property witnesses traffic counts of over 35,000 vehicles daily. The property also benefits from visibility along Interstate 515, which sustains a robust traffic count in excess of 133,000 vehicles per day. Furthermore, the facility is within two miles of Nellis Boulevard and Tropicana Avenue; these nearby thoroughfares witness traffic counts of over 36,000 and 50,000 vehicles daily. An investor can benefit from the consistent volume of traffic from multiple roadways within the surrounding area. Las Vegas is the county seat of Clark County and the most populous metro area in the state of Nevada; the city is well-renowned as the "Entertainment Capital of the World."
The Mele Group of Cushman & Wakefield is pleased to exclusively offer for sale the Annapolis Self-Storage Development in Annapolis, Maryland, a prosperous component of the Baltimore-Columbia-Towson Metropolitan Statistical Area and the Baltimore-Washington Combined Statistical Area.
The proposed self-storage opportunity is situated just outside of Annapolis, Maryland, a thriving city ideally situated on the Chesapeake Bay of Maryland. The development site will be delivered fully-entitled and permit-ready for an investor to construct a self-storage facility consisting of 106,839 gross square feet. The property will benefit from direct frontage and excellent exposure to Blue Star Memorial Highway (Route 50), with an estimated daily traffic count of 80,000 vehicles passing the location. An investor has a prime opportunity to capitalize on a favorable market, as there are only two competitors within three miles that are supplying under four square feet per capita and achieving average rental rates of approximately $27 per square foot. There are multiple self-storage facilities approximately five miles southwest of the subject that are commanding lower rental rates.
An investor can profit from the region’s high demand for self storage, as there is currently a low number of facilities within the area. This opportunity is paired with a high annual population growth surpassing the national average; the projected yearly population growth from 2017 to 2022 in one, three and five-mile radiuses are 1.09 percent, 0.87 percent and 0.80 percent, respectively. The subject property is located in Annapolis’ suburb of Arnold, comprised of a wealthy enclave of large homes without basements. In addition, there is also a multitude of waterfront properties characterized by a high-income demographic with a median income of $113,568. These details are indicative of the self-storage demand in the market exceeding the national average. Furthermore, the plethora of surrounding waterfront communities further raises the demand for self storage as boats, jet skis and other sporting gear are commonly owned among peninsula residents near the opportunity.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for Gulfport Storage in Gulfport, Florida.
Strategically situated in the Tampa Bay Metropolitan Statistical Area, Gulfport Storage offers exceptional upside with forward-looking financials in an area poised for significant growth. An investor has the unique opportunity to acquire a stabilized asset which recently underwent over $250,000 in capital improvements. Among these renovations, all 2.5 acres of asphalt have been completely re-surfaced and a new surveillance security system was installed. Gulfport Storage offers a fully-remodeled manager’s office, new painting throughout the premises and new climate-controlled units. There is a prime opportunity to increase revenue by raising rental rates to meet the comparable average; the non-climate-controlled rates are currently below market. Additionally, there is an opportunity to convert larger units into smaller climate-controlled spaces to further maximize revenue. The facility has projected leveraged IRRs of 18.2 percent and 18.6 percent in years five and seven, in addition to cash-on-cash returns of 9.1 percent and 10.6 percent in years two and three. The subject is encompassed in a densely-populated residential area with a multitude of resources and points of interest. Furthermore, the property offers convenient access to Interstate 275, one of the most heavily-frequented roadways in the tri-county area.
Gulfport Storage resides on 2.54 acres and 40,082 rentable square feet. The facility currently offers 40 climate-controlled units, 275 non-climate-controlled units, 15 rental parking spaces, nine mailboxes and two office spaces for a total of 341 units. The subject has solid physical and economic occupancies of 92.9 percent and 82.7 percent, respectively. Gulfport Storage offers additional streams of revenue through truck rentals and moving supplies; the facility can further increase income through the implementation of a robust tenant insurance program. To ensure security for the premises, the property is equipped with optimal lighting, fencing and a new video surveillance.
Gulfport Storage is directly located on 49th Street South, which sustains a traffic count in excess of 8,000 vehicles per day. The property is just north of 22nd Avenue South at a 0.2-mile distance and west of Interstate 275 at a two-mile distance; these two thoroughfares witness traffic counts of over 17,000 and 91,000 vehicles daily. Additionally, the facility is approximately 1.5 miles from 34th Street South, which sustains a traffic count in excess of 27,000 vehicles per day. Gulfport is a key component of Pinellas County, which is situated in the Tampa Bay Metropolitan Statistical Area; the 19th largest MSA in the country.
The Mele Group of Cushman & Wakefield is pleased to exclusively offer for sale the Talcottville Self-Storage Development within Vernon, a prosperous component of the Hartford Metro Area.
The proposed self-storage opportunity is situated in Talcottville, a thriving community in Vernon, Connecticut. The development site offers an investor the prime opportunity to construct a brand new, state-of-the-art facility consisting of approximately 72,000 projected rentable square feet and 90,000 gross square feet. The development site is also zoned for commercial, in addition to self-storage. The property will benefit from direct frontage along Talcottville Road, which sustains a traffic count in excess of 27,000 vehicles per day. The property has excellent exposure to the Hartford Turnpike and Interstate 84, with estimated daily traffic counts of over 18,000 and 93,000 vehicles per day. The Talcotville Self-Storage Development resides in a favorable market, as there are only three competitors within five miles of the subject property. Furthermore, an investor can establish a significant market footprint, as the development site is the closest property to the surrounding residential areas within the immediate vicinity. There is a strong population count of over 100,000 individuals within five miles of the development site.
Talcottville is a well-known historic district ideally situated less than 15 minutes from Hartford, Connecticut and 25 miles from Springfield, Massachusetts. The surrounding region is comprised of a high-income demographic with a median household income of over $84,000, $76,000 and $71,000 within one, three and five miles of the property. These details are indicative of the self-storage demand in the market exceeding the national average. Additionally, the property is within the immediate vicinity of several national retailers and points of interest, including an adjacent center with Starbucks, Taco Bell, Wendy’s, Verizon, AT&T and People’s United Bank. The Talcottville Self-Storage Development is within a mile of ALDI, TJ Maxx, Staples, CVS, United Bank, Bank of America, UPS, Holiday Inn, Denny’s and two major shopping centers which draw in consistent traffic along Talcottville Road. The site will also advantageously serve as the closest facility to the brand-new Trail Run Apartments currently underway, projected to boast over 300 units less than one mile from the opportunity.
The Talcottville Historic District is a key component of Vernon, Connecticut; the largest town in Tolland County and a greater component of the Hartford Metropolitan Area. Vernon is located within New England’s Knowledge Corridor; a prominent interstate partnership of regional economic development, planning, business, tourism and educational institutions that work together to advance the region’s economic progress. The New England Knowledge Corridor is within proximity to several of the nation’s top-ranked universities and higher institutions. Overall, Vernon and its surrounding suburbs provide an excellent economic environment for growth and development.