Project Description
UNDER AGREEMENT
On behalf of ownership, Cushman and Wakefield are pleased to offer for sale, the recently opened class A self-storage facility in Fredericksburg, Virginia. Construction has recently been completed with a certificate of occupancy granted on June 22nd of 2021.
SOLD
Total Size – 80,437 NRSF
On behalf of ownership, Cushman and Wakefield are pleased to offer for sale, the recently opened class A self-storage facility in Fredericksburg, Virginia. Construction has recently been completed with a certificate of occupancy granted on June 22nd of 2021.
Located at 9600 Cosner Dr., the 2.41-acre ground-up development is comprised of 80,437 rentable square feet among 706 units, both climate controlled (614) and standard drive-up (75). Unit sizes range from 6 square feet to 330 square feet on three levels and are served by two freight elevators. Property amenities include a state-of-the-art management office, electronic keypad access, video surveillance, and covered loading and unloading.
Situated at the corner of US Route 17 and Cosner Dr., the property is directly across US-17 from the Lee’s Hill community, with a daily traffic volume of 28,000+ passing the property. The facility will benefit from continued high-paced growth and development of the surrounding submarket. While the entire region is experiencing superior growth metrics, the immediate trade area is leading this charge. Three-year population growth within three miles stands at 5.14% while the one-mile growth rate is 14.15%, signaling that new development in the Fredericksburg market is trending toward the subject property. Median household income stands at $95,198 among a population of 31,351 within a three-mile ring. Major attractions within the trade area include Cosner’s Corner, a commercial and multi-family hub hosting new and future expansion; Spotsylvania Regional Medical Center and the Virginia Railway Express Station which ferries commuting locals to Washington, DC.
The successful purchaser will enjoy reliable lease-up of a newly constructed Class A asset in a high rate market with above-average population growth and continued long-term appreciation in major market class A assets.
Investment Highlights
- Only Facility within one-mile ring
- Highest growth submarket in Fredericksburg area
- Excellent demographics
- Class A New Construction
- High Visibility Location on Heavily Travelled US-17
- High Occupancy and Rental Rates Throughout Expanded Trade Area