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Tandem Self-Storage Sales Combine for $5.2 Million

Posted: 2/28/2017 Link: ArkansasBusiness.com
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A pair of mini-storage projects in southwest Little Rock changed hands in two deals totaling $5.2 million.

SSCP Geyer Springs Rd LLC acquired the 376-unit project at 8015 Geyer Springs Road for $3.16 million, and SSCP Leon Circle LLC purchased the 562-unit project at 6100 Leon Circle for $2.09 million.

The affiliates of Philadelphia’s Self Storage Capital Partners bought the properties from Little Rock Self Storage LLC of Cordova, Tennessee.

The deal is financed with a five-year loan of $7 million from Citigroup Global Markets Realty Corp. of New York.

The 4.88-acre Geyer Springs development previously was tied to an October 2014 mortgage of $1.88 million held by Centennial Bank of Conway.

The property was acquired for $2.35 million more than two years ago from Cubby Hole USA 2 Ltd. of Hallsville, Texas.

The 3.34-acre Leon Circle development previously was linked with a November 2014 mortgage of $1.41 million held by Centennial.

The property was purchased for $1.7 million more than two years ago from Wood Stone Little Rock LLC of Mount Kisco, New York.

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