We were approached by our client who was looking to sell their self storage facility. Their note had matured and the bank was threatening to foreclose on the property if action was not taken immediately. The facility featured about 60,000 sq. ft. of self storage space and about 90,000 sq. ft. of RV storage.
Working under an urgent timeline, our team quickly and accurately priced the property and took it to market. Our team marketed the facility through our nationwide self storage database, and used a number of different channels to help get the asset in front of as many qualified buyers as quickly as possible. Within the first two weeks of taking the property to market, we received 27 offers, with a handful of very reasonable ones. With a number of qualified buyers, all at prices that our client could accept, we had created a favorable position for negotiations.
By employing our national database and comprehensive underwriting process, our team was able to secure our client with an all cash buyer. The entire process, from contract to closing, took only 29 days. The buyer was happy with the asset they were able to acquire and our client was impressed with the abilities of our team and became a repeat client with us.
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