American Patriot Self Storage

American Patriot Self Storage2019-05-13T13:12:22-04:00

Project Description

The Mele Group of Cushman & Wakefield is pleased to exclusively offer for sale American Patriot Self Storage in Portsmouth, Virginia.

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NRSF – 48,857 (Plus 11k SF of Warehouse Space)

830 Broad Street
Portsmouth, VA 23707

American Patriot Self Storage is situated in Portsmouth, Virginia, which is adjacent to the city of Norfolk and a key component of the Hampton Roads Metropolitan Area. An investor has the unique opportunity to acquire a stabilized asset in a dense retail corridor encompassed by several residential zones. The facility has excellent physical and economic occupancies of 92.7 percent and 85.1 percent, respectively. Additionally, the subject has solid projected leveraged IRRs of 19.0 percent and 17.3 percent in years five and seven. American Patriot Self Storage serves as the primary storage facility within the immediate vicinity and benefits from limited competition; there are only four other self-storage options within four miles of the subject. There is a population in excess of 235,000 individuals within five miles of the property, in addition to a 45.7 percent renter-occupied housing population. American Patriot Self Storage offers a tenant insurance program and a truck rental program for an additional stream of revenue. Furthermore, the facility offers a wide-variety of units and E-commerce software for consumer convenience.

Consisting of 48,857 net rentable square feet on 1.55 acres, the facility maintains 310 interior units and 103 drive-up units for a total of 413 units. The subject offers several well-maintained storage options, premium video surveillance, optimal lighting, fencing and professional, on-site management. American Patriot Self Storage provides consumers with individual codes for gated access and utilizes a local security company after hours to ensure secure storage. The property is easily accessible from the downtown and midtown areas of Portsmouth, Norfolk and Chesapeake.

The facility offers convenient access to several high-traffic thoroughfares within the region. London Boulevard and Martin Luther King Freeway are within 0.5 miles of the property, demonstrating traffic counts in excess of 20,000 and 37,000 vehicles per day. Additionally, American Patriot Self Storage is easily accessible from the Midtown tunnel and Interstate 64. The facility is within close proximity to Virginia Beach and is encompassed by a thriving retail corridor and nearly a dozen densely-populated residential zones. Portsmouth is a key component of the Hampton Roads Metropolitan Area and is centrally located with convenient access to Norfolk, Virginia Beach and Williamsburg.

Investment Highlights:

  • Acquisition Guarantees Prominent Visibility in a Residentially-Dense Area of Newark; the Most Populous City in New Jersey
  • Large-Scale Facility Projected to Stabilize After a 36-Month Lease-Up Period at 90 Percent Physical Occupancy
  • Property Benefits from its Location Along Park Avenue and Exposure to Both Garden State Parkway and Interstate 280, Which Witness Traffic Counts of Over 167,000 and 160,000 Vehicles Daily
  • Three-Mile Population of 450,717 Individuals Among 160,789 Households, Indicating the Strength of the Residential Corridor
  • 58.6 Percent Renter-Occupied Housing Population, Which is Indicative of the Need for Self-Storage Within the Surrounding Region
  • An Investor can Benefit from the Market’s High Rental Rates for 10×10 Climate-Controlled Storage; Competitors Currently Offer 10×10 Climate-Controlled Storage at an Average of $200
  • Numerous Points of Interest, Including a Variety of Nationally-Recognized Tenants and Local Schools that Ensure the Site’s Visibility on its Route and a Multitude of Large Suburbs
  • Sign CA to Download OM & Financials

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as American Patriot Self Storage, located in Portsmouth, VA.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.