The North Carolina Self Storage Portfolio

The North Carolina Self Storage Portfolio2020-02-04T15:32:29-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale The North Carolina Self Storage Portfolio.

Call for Info
NRSF – 413,839

Multiple Addresses
Wilmington, NC
Greensboro, NC

The North Carolina Self Storage Portfolio is comprised of six facilities across 413,839 net rentable square feet. The portfolio offers 1,913 climate-controlled units, 1,311 non-climate-controlled and drive-up units, 249 boat/RV parking spaces for a total of 3,473 units. The Enterprise Drive, 5811 Market Street and 9121 Market Street properties offer an on-site manager’s apartment. The Samet Drive property recently opened in late July of 2019 and is currently in its lease-up phase, which is reflected in the current occupancies. Each property offers a wide-variety of amenities, including wide aisles, LED lighting, elevator access, premium visibility and a large selection of well-maintained units to accommodate the region’s high demand for storage. The facilities utilize electronic gating and 24-hour video surveillance to ensure secure self-storage. An investor has the unique opportunity to profit from a distinct market footprint; all facilities have a strong presence in their respective regions of Wilmington and Greensboro, North Carolina.

The portfolio covers several major divisions of Wilmington, with five of the six subject properties asserting a dominate presence within the Wilmington Metro Area. Additionally, the Samet Drive facility is the newest Class A storage asset within its respective region of Greensboro, North Carolina. Each property offers premium access to the region’s major thoroughfares, including heavily-traveled Market Street, Martin Luther King Jr. Parkway and John Jay Burney Jr. Freeway in Wilmington. The portfolio benefits from its location in the eighth most populous city in North Carolina with a population exceeding 119,000 individuals. Wilmington is a popular destination for residents and tourists alike; the historic city offers natural and man-made assets along the coast of North Carolina, making it the state’s main connection to the global economy.

Acquisition of the North Carolina Self Storage Portfolio secures six assets with multiple upsides in Wilmington and Greensboro. The purchaser will benefit by continuing to raise occupancies at Samet Drive facility in Greensboro; the property is adjacent to a senior housing facility and several multifamily units. The portfolio offers expansion opportunity at Enterprise Drive, Carolina Beach Road and both Market Street locations to accommodate for the high demand for storage within Wilmington. Furthermore, a new owner will have the ability to scale revenue and leverage expenses with five of the six properties being situated in the same MSA.

Investment Highlights

  • Five Facilities With a Significant Market Footprint Within the Wilmington MSA
  • Samet Drive Site Offers a Brand-New, Class A Building in its Respective Region of the Greensboro MSA
  • Below Market Rental Rates Across the Portfolio
  • Expansion Opportunity at Four of the Six Sites
  • Various Capital Improvements Across the Portfolio
  • Capitalize by Scaling Revenue and Leveraging Expenses
  • 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 The North Carolina Self Storage Portfolio.

    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.