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8-Property OH Self Storage Portfolio Commands $31 Million

8-Property OH Self Storage Portfolio Commands $31 Million
Posted: 12/7/2017 Link: CPExecutive.com
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Marcus & Millichap has arranged $31.4 million sale of an eight-property Stop-N-Stor self storage portfolio, located in Ohio, to an out-of-state investment group. The facilities total 3,050 units of 391,458 net rentable square feet. The eight properties are located in Lorain, Elyria, Cuyahoga Falls, Northwood, Oregon, Toledo and Stow.

The Stop-N-Stor self storage facilities feature non-climate and climate-controlled units, as well as 24-hour gated access, state-of-the art surveillance and on-site managers. Unit sizes range from 25 to 300 square feet.

“The assets are well-located facilities with strong occupancy levels and excellent opportunities for growth,” said Brett Hatcher, first vice president investments at Marcus & Millichap’s Columbus office, in prepared remarks. “Each property is situated within a densely populated market with high visibility and a large potential tenant pool. Several of the facilities also feature room for expansion.”

Hatcher and Gabriel Coe, a senior associate also of Marcus & Millichap, worked on behalf of the seller and procured the buyer. Earlier this year, Marcus & Millichap brokered a record-breaking Milwauke-area self storage sale of a two-property portfolio totaling 1,033 units.

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