Self storage is a unique asset type that can operate successfully in many of different types of markets such as this one which was located in a smaller community and was owner-operated. Our client was looking to retire and so we needed a way for a buyer to step right in and take over the business without interruption.
Although our client had a previous bad experience with management companies, under our guidance they selected a great group capable of stepping right in. This significantly expanded the buyer pool from local owner operators to regional investors. By circulating our top tier marketing materials, a bona fide buyer stepped up within two months of the management company taking over. To further the sales process we contacted every local bank to find a commercial lender willing to lend a potential buyer enough capital to purchase the property. Using our expertise in the self storage market, our team was able to help the potential buyer and lenders become familiar with the asset type.
After becoming comfortable and acquainted with the self storage market, the buyer and his lender closed escrow in 45 days. Our extensive checklist helped the process run smoothly and both the buyer and sellers were pleased with what they had acquired from the transaction. By assisting our clients in the sale, they were able to retire and sell their self storage facility for a price that was deemed integral to their retirement plan.
“We were so happy to work with Jeff Gorden, CCIM. He was professional, conscientious and always had our best interest in negotiations. Jeff’s expertise in the commercial real estate market is unprecedented. My husband and I would recommend Jeff with highest regards.“
-Leslie & Doug Blaydes
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