Our client developed this property in 2006 and had been operating it until the time of the sale. This self storage was an ancillary business for them and its performance was not being maximized. This led to cash flows that were lower than market average and presented a significant challenge in selling the property at the desired price. In fact, this particular facility had been listed a number of times in the past with no success.
Our experience with self storage investments indicated that in order to achieve the highest sale price, we were going to have to take a long-term consulting approach. The first order of business was to help our client implement operational changes for the sake of improving income to a level that would justify the desired purchase price. This required a thorough analysis by our team to identify the areas that required operational improvements, new strategies to achieve higher physical and economic occupancy, and directly reaching out to high probability prospects as potential buyers.
In the end, our efforts were successful where a number of others had failed. Our industry experience helped our client to significantly improve income and occupancy. This helped us to turn our client’s side business into a cash-flowing asset with true market value. Subsequent to this, our team was able to generate a great deal of interest in the property and negotiate a sale that left our client satisfied.
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