Raceway & Raceway Meadows Self-Storage

Raceway & Raceway Meadows Self-Storage2021-03-01T09:47:13-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale Raceway & Raceway Meadows Storage in Lebanon, OR.

Under Contract
NRSF – 82,520

1611 W Airport Road Lebanon, OR 97355

1300 W Airport Road Lebanon, OR 97355

The Raceway Storage and Raceway Meadows Portfolio is comprised of two newer, high-quality facilities, located within ¼ mile of each other in Lebanon, Oregon. The properties total 551 units with 83,060 rentable square feet. The facilities are both single-story with over 70% of the unit mix offering drive-up access. The portfolio also offers heated units (30% of the unit mix) and fully enclosed RV & Boat Storage (15 units). With an average unit size of 150 square feet per unit, the facilities offer plenty of large units that are in high demand in the Lebanon marketplace. Raceway Self Storage was completed in 2008 and is approximately 99% occupied, Raceway Meadows was built in 1998, renovated and expanded in 2019, and stands at 96% occupancy. The subject properties are in high exposure locations near the Lebanon State Airport and Willamette Speedway. Traffic counts exceed 10,000 vehicles per day on Airport Drive which is a major access road connecting Interstate-5 with the South Santiam Highway. Lebanon, Oregon is located along the Interstate-5 corridor, 80 miles south of Portland, in the Willamette Valley midway between Salem, the state Capitol, and Eugene, home of the University of Oregon. The Albany-Lebanon Metropolitan Statistical Area has a population of approximately 131,000. Over the last four years, approximately 100,000 SF of new supply has been added to the Lebanon market all of which was quickly absorbed and is now stabilized positioning the market for strong growth in the coming years.

Investment Highlights:

  • Pacific Northwest self-storage portfolio opportunity
  • High exposure locations on major traffic corridors
  • All single-story configuration
  • Excellent mix of drive-up, interior, interior heated, and fully enclosed RV units
  • Strong leasing demand and high occupancy within the trade area positions the property for continued growth
  • Raceway Meadows recently expanded and quickly stabilized
  • 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 Raceway & Raceway Meadows 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.