District Heights Self-Storage

District Heights Self-Storage2021-05-24T12:19:09-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale District Heights Self-Storage in District Heights, MD.

SOLD

Market Bid
NRSF – 81,529

7618 Marlboro Pike District Heights, MD 20747

On behalf of ownership, Cushman & Wakefield is pleased to offer for sale, the soon to open REIT managed self-storage facility in District Heights, Maryland. It is anticipated that the sale will close upon or after receipt of the Certificate of Occupancy from Prince Georges County. Currently, C of O is projected in February 2021. Located at 7618 Marlboro Pike, the 3.21 acre, new ground-up development is comprised of 81,529 rentable square feet among 900 units, all climate controlled. Units range from 25 to 300 square feet on three levels and are served by two freight rated elevators, while a state of the art management office is located on the ground level. The facility will include full video surveillance, electronic keypad ingress and egress, individually alarmed units, and free ice cream! One of the fastest-growing sub-markets within the fastest growing county in the Washington, DC MSA, convenient to Joint Base Andrews, National Harbor, and Washington, DC, District Heights is located just inside the Capital Beltway, Interstate 495. The facility benefits from premium visibility on Marlboro Pike and Forestville Rd., both high traffic corridors with combined vehicle counts of 53,901. The trade area demographic profile is excellent with above-average density and accelerating growth. Median household income within a three-mile ring is $72,712 among a population of 77,927 with a population growth rate of 1% annually; up from .6% between 2010 and 2020. The five-mile population is 254,676. The property is currently under tax reassessment, with a 10-year abatement in place, as of certificate of occupancy. The abatement schedule is flat for years one through five at 80% abatement, decreasing 1,000 basis points (10%) each year in years five through ten. The successful purchaser will benefit from reduced taxes, reliable lease-up at high rental rates, above-average market growth, and continued long term appreciation in major market class A assets.

Investment Highlights:

  • Brand new, Class A construction with state of the art finishes and security
  • Will be delivered on or after Certificate of Occupancy allowing a Buyer the opportunity to capitalize on superior returns upon stabilization
  • Located within the Capital Beltway with convenient access to Pennsylvania Avenue which has traffic counts exceeding 64,000 vehicles daily
  • Surrounded by excellent demographics in an extremely high growth county surrounding Washington, D.C.
  • Over 70,000 residents within a Three-Mile Radius and 250,000 within Five Miles
  • Sign CA to View Offering Memorandum

  • 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 District Heights Self-Storage.

    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.