This asset was originally a health club that was converted into a two story, climate controlled self storage in 2008. The owner acquired it in a REO sale, and had possessed it for a few years while completing a number of capital projects. It was not considered a core asset in their portfolio and they were interested in receiving the highest return on investment and deploying capital into another asset. The owner was receiving unsolicited offers, but did not believe those offers represented the true asset value. Due to our team’s prevalence in the asset type, the owner sought out our expertise to represent them in a sale.
Our team began by thoroughly underwriting the asset, uncovering its attributes and obstacles, and working with the owner to create remedies. We then put together a marketing package that was able to advertise the asset in its most attractive state. The next step was to circulate that through out extensive database of self storage investors and generate exposure through diverse online marketing channels. Our team was able to quickly create buy side pressure, resulting in an increase in offering prices from interested buyers.
By advertising the property throughout our database, and creating buy side potential, our client was able to sell the asset for about 20% more than the buyer had originally offered before we took the property to market. Our team was also able to negate re-trade attempts from the buyer over minor repair items. Our client was ultimately very pleased with the price that our team was able to achieve for them.
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