Project Description
UNDER AGREEMENT
The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale of Doug Fir located in Springfield, OR.
SOLD
Total Size – 72,600 NRSF
The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to offer for sale Doug Fir Storage. DougFir Storage is a newly completed, Class A facility, comprised of 486 units over 72,600 rentable square feet on approximately 2.91 acres of land. The facility offers single-story, drive-up configuration with an average unit size of 150 SF. It includes 169 interior units, 101 interior heated units, and 216 drive-up units. DougFir Storage has been leasing quickly since opening in late 2020 and is expected to be nearly 50% occupied upon the seller’s desired closing in November 2021.
The property is located in a high traffic corridor with over 23,000 vehicles passing the facility daily. The Eugene-Springfield MSA, located along Interstate-5, is the 3rd largest metro in Oregon with over 381,000 residents. Within a 5-mile radius of DougFir Storage, the population is 79,179. The Eugene Airport (EUG) is served by six airlines that offer direct flights from many major cities including Los Angeles, Chicago, Denver, and Dallas.
Design features include a leasing office and apartment. Additionally, the property can operate on a near-autonomous basis with an iPad-driven self-check-in area and Divinci locks. DougFir Storage allows an investor the ability to acquire a newly built, state-of-the-art, Class A self-storage asset below stabilized value. The facility’s new construction and premium quality combined with its location in a fast-growing Pacific Northwest MSA make this an ideal value add investment opportunity. Solana Beach Storage is located in the incredibly affluent coastal San Diego County community of Solana Beach. Within 5 miles of the subject property, average household incomes exceed $185,500 with average home prices over $1,400,000.
INVESTMENT HIGHLIGHTS
- Just Completed Class A Storage Facility with Strong Lease-Up
- Prominent Exposure on Main Street with Visibility to Over 23,000 Vehicles Per Day
- High Growth Eugene-Springfield MSA, 3rd Largest Metro Area in Oregon
- Average Unit Size of 150 SF Ideally Suited for the Trade Area
- Flexible Design Allows for Near Autonomous Operation or Full Staffing with Office and Apartment
- Excellent Opportunity to Acquire a High-Quality Asset Below Stabilized Value