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Company Pays $9.6M for Mini Storage Warehouse in Little Rock

Posted: 8/20/2018 Link: NWAOnline.com
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First Neck LR 10th St. LLC, a Philadelphia limited liability company, paid $9.6 million last month for a mini storage warehouse with 517 units at 5700 W. 10th St. in Little Rock.

AA Storage @ Fair Park covers almost 4 acres and was built in 2005. The property appraised at $3.3 million this year. A 4,200-square-foot, two-story office building was included in the transaction.

First Neck is affiliated with Self Storage Capital Partners Management LLC of Philadelphia. Jacob Ramage is chief executive officer of Self Storage Capital Partners.

The seller was AA Storage @ Fair Park Limited Partnership with Paul Darden as president.

First Neck borrowed $6.9 million from Citi Real Estate Funding of New York. The maturity date on the mortgage is 2028.

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