The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale The Safe Place Portfolio. Acquisition of the Safe Place Portfolio offers three well-maintained self-storage assets with upside in Williamsburg, Norfolk and Newport News, Virginia. Each facility features high occupancies with rental rates exceeding market averages, demonstrating the overall region’s demand for storage. The subject offers a prime opportunity to implement conventional storage amenities including merchandise sales and a robust tenant insurance program. An investor can hire professional management to increase the facilities’ overall operations and efficiencies. New management can enhance the marketing platform by enacting sophisticated search engine optimization to ensure each site appears prominently in online search results; a significant number of consumers are turning to online search engines to identify their storage destination. Furthermore, an investor can benefit from projected cash-on-cash returns of 9.8 percent and 10.9 percent in years one and two. The Safe Place Portfolio has provided self-storage solutions throughout its MSA for nearly 40 years.
The Safe Place Portfolio offers 930 climate-controlled and non-climate-controlled units across 109,630 rentable square feet. The portfolio consists of approximately 9.41 acres and offers a wide-variety of units to accommodate the consumer. There are portfolio-wide physical and economic occupancies of 89.5 percent and 82.3 percent, respectively. The solid occupancies throughout the portfolio are indicative of the need for self-storage within this vibrant MSA. Each facility offers premium video surveillance and electronic gate access to ensure secure premises. All three facilities are ideally situated in high-traffic areas with a multitude of residential zones, national retailers and points of interest.
The Virginia Beach-Norfolk-Newport News Metropolitan Statistical Area offers a wide-variety of resources, economic opportunities and attractions for residents and tourists alike. Norfolk is a waterfront city, home to Naval Station Norfolk which occupies four miles of waterfront space and is the world’s largest naval station. The Virginia Beach Metro Area has several economic components which contribute to this thriving area, including tourism, agribusiness and military sectors.
- Well-Maintained, Three-Facility Portfolio with Upside in the Virginia Beach-Norfolk-Newport News MSA, Virginia, a Densely-Populated Region and Home to the Norfolk Naval Base; the Largest Naval Institution in the World
- An Investor has the Unique Opportunity to Purchase a Portfolio with a Significant Market Footprint and Lauded Reputation; The Safe Place Portfolio has Serviced the Corresponding Area for Nearly 40 Years
- Value-Add Potential Through the Implementation of Conventional Amenities, Including Merchandise Sales and a Tenant Insurance Program, in Addition to Utilizing Professional Management and Search Engine Optimization for Prime Visibility
- Strong Portfolio-Wide Physical Occupancy of 89.5 Percent, Which is Indicative of the High-Demand for Self Storage Throughout the MSA
- All Three Facilities are Surrounded by Highly-Active Residential Corridors with Large Commercial Districts that Continue to Expand and Flourish
- Portfolio Boasts Premium Security and a Wide Variety of Storage Options to Match the Market’s Demand
- Projected Cash-On-Cash Returns of 9.8 Percent and 10.9 Percent in Years One and Two