NORFOLK, Virginia - Stuart Wade of The Nicholson Companies and the Argus Self Storage Sales Network are pleased to announce the closing of Freedom Storage in Powell’s Point, NC. This facility was opened in 2002 and offered just over 175 units. It traded at a 10.3 cap rate on calendar year 2015's NOI or just under $23 per rentable square foot. Stuart represented both the seller, a local investor, and the buyer, a Virginia-based investor with a portfolio of rural self storage facilities. The buyer plans to improve operational and marketing efficiencies and will change the operating name of the asset.
Stuart Wade is the Argus Self Storage Sales Network broker affiliate for Virginia and Maryland. He can be reached at (757)618-3597. Based in Denver, Colorado, the Argus Self Storage Sales Network (ASSSN) was formed in 1994 to assist owners and investors of self storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self storage and income property investments. Now the largest self storage brokerage network in the United States, the ASSSN has 38 Broker Affiliates covering nearly 40 markets and a total self storage transaction history of over $2 Billion. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit www.argus-selfstorage.com.