Atlantic Self-Storage Portfolio

Atlantic Self-Storage Portfolio2021-03-22T14:24:37-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale of Atlantic Self-Storage Portfolio located in Hampton & Woodbridge, VA.

Price $18,575,000
NRSF – 139,530

3500 Commission Ct. Woodbridge, VA 22192

2401 Build America Dr. Hampton, VA 23666

On behalf of ownership, Cushman & Wakefield is pleased to offer for sale, the two property Atlantic Self Storage Portfolio, located at 3500 Commission Ct., Woodbridge, VA, and 2401 Build America Dr., Hampton, VA. The Woodbridge facility was constructed in 1985, while the Hampton facility was built in 1984. They feature attractive embellished block and tilt-up concrete construction with standing seam roofs, full perimeter fencing, electronic gate access, video surveillance, and manager apartment at the Woodbridge location.

The Hampton property benefits from exposure and signage on I-64, a high-traffic interstate linking the coastal sections of Virginia with the interior of the state. The portfolio is comprised of 139,530 rentable square feet among 1,095 units, mostly drive up with a limited number of interior corridor units. Occupancy at both locations is below average in their markets with Woodbridge at 80% and Hampton at 87% while economic occupancy stands at 73% and 74% respectively. Rental rates at both locations are also below average, indicating a substantial opportunity to grow revenue.

The facilities have been family-owned and operated for 36 years. Woodbridge, VA is a bedroom community within the Washington, D.C. MSA. Median household income within 3 miles of the facility stands at $101,564 among a current population of 75,021. Population growth is just below 1% annually and accelerating. Within three miles of the Hampton property, median household income is $50,625 with a population of 80,500. With access from Mercury Blvd, the facility benefits from its position on a main commercial thoroughfare with high visibility from the interstate. The successful purchaser will benefit from substantial runway in occupancy, revenue management, and rental rate adjustments which will produce superior returns in the near and long term. The portfolio is offered at $18,575,000.

OFFERING HIGHLIGHTS
• Below Market Rates at Both Locations
• Highly Durable and Attractive Embellished Block Construction
• Superb Physical Condition
• Outstanding Demographic Profiles
• Well Located Properties Within Their Trade Areas
• Substantial Revenue Growth Opportunities
• Highly Desirable Drive-Up Units

  • 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 Atlantic 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.