Spartanburg Self Storage

Spartanburg Self Storage2021-03-01T09:44:41-05:00

Project Description

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

Call for Offers due March 10, 2021

$6,810,000

NRSF – 32,850

240 Cedar Springs Rd Spartanburg, SC 29302

Spartanburg Self-Storage, located in Spartanburg, SC and is comprised of 43,022 rentable square feet on approximately 3.56 acres of land. The facility features 437 fully-climate-controlled options, 66 drive-up, 23 parking and one office space for a total of 527 units. The site was built in 1984 and is impeccably located in the heart of Spartanburg, South Carolina. The subject has current physical and economic occupancies of 91 percent and 92 percent, respectively, indicating a strong market for self-storage in one of South Carolina’s largest cities. To ensure secure storage, the property utilizes a state-of-the-art security system and electronic gate code access, in addition to professional REIT management to ensure efficient operations. The site is situated in a thriving division of Spartanburg, with premium access to the area’s most frequented thoroughfares. The facility is located off Cedar Springs Road, which witnesses a traffic count of over 11,000 vehicles daily. Additionally, the site is approximately five miles (driving distance) from South Pine Street, a major roadway with a traffic count exceeding 22,000 vehicles daily. Furthermore, the subject is within proximity to Interstate 26, with a traffic count exceeding 32,000 vehicles daily. The facility is encompassed by several national retailers and major resources within the immediate vicinity, including McDonald’s, Verizon, Walmart, Walgreens, Advance Auto Parts, Domino’s, Subway, KFC, Hardee’s, and Big Lots, among several other popular destinations. The facility benefits from an average household income exceeding $80,000 annually, surpassing the national average. The subject property serves as one of the premier storage options within the immediate trade area. The facility represents an excellent opportunity to acquire an established storage asset in a thriving location of Spartanburg with multiple upsides. The facility will be primed for continued success as the area’s demand for storage remains consistent year over year; the subject’s strong occupancies are indicative of this desirable market. Additionally, an investor can capitalize by bolstering the current tenant insurance program and implementing truck rentals for further profits. The site encompasses the key components for the ideal storage investment with premium amenities, professional management, a centralized downtown location, and a consistent consumer base to ensure success in the current and future market.

Investment Highlights:

  • Premium Storage Asset with Multiple Upsides in the Heart of Spartanburg, South Carolina
  • Average Household Income Exceeding $80,000 Within Three Miles of the Facility
  • Excellent Physical and Economic Occupancies of 91 Percent and 92 Percent, Respectively
  • Convenient Access to the Region’s Major Thoroughfares, Including Pine Street and Interstate 26, with Traffic Counts Exceeding 22,000 and 32,000 Vehicles Daily
  • Encompassed by a Multitude of National Retailers and Major Resources, Signifying the Area’s Growth
  • State-of-the-Art Construction and a Centralized Location with Strong Demographics Comprise the Ideal Storage Investment for Years to Come
  • 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 Spartanburg 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.