Two Storage Concepts facilities were sold to a private investment group as part of a three-property portfolio. The transaction includes a facility in New York and another in Pennsylvania. The property at 2673 NY-302 in Middletown, N.Y., sold for $5.3 million. It consists of five single-story buildings offering more than 290 units as well as a rental office. Opened in 2006, it sits on nearly 12 acres of land. It also has development approval for an additional 11,500 square feet of storage space.
The Storage Concepts facility at 1524 Route 739 in Dingmans Ferry, Pa., sold for $2.8 million. Opened in 2008, the facility includes three single-story buildings containing more than 200 units as well as rental office. It sits on more than 5 acres and has development approval for another 11,325 square feet of storage space.
The buyer and seller in both transactions were represented by Investment Real Estate LLC (IRE), a self storage real estate firm. The closing of the third property is expected to be complete in November, according to an IRE press release.
About Investment Real Estate LLC (IRE)
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.