The owner of this small market self storage facility contacted us in in the third quarter of 2016. They were interested in retiring, and after hearing about our national marketing platform and pricing strategy, we won the assignment. Knowing that occupancy and cash flow had been consistently strong over the past year, we immediately began working on a strategy to attract buyers to a town of less than 2000 people.
We, and our Argus affiliates have successfully listed and sold numerous storage facilities in small markets around the country. In this case we came to market with a strong offering package highlighting the strengths of this facility and emphasizing the stability of the towns economy. This included a profile of local employer and mining giant Freeport-McMoRan and their recent $500 million investment in the local operations. Our search for buyers started in the local areas and moved outwards. As always, we also had the added benefit from our affiliation with the Argus network that connects us with an international network of storage investors.
In the end we were able to bring our seller a number of offers, sourcing a number of local and out of state buyers. Both parties were happy with the end results. The seller was happy to liquidate this asset at a favorable price and the buyer was excited with this new value add opportunity that stood to benefit from modern management practices.
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