Fifth Self-Storage Transaction in the Hampton Market

 

Hampton, VA– Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the sale of Mercury Self-Storage, a 44,950 square-foot self-storage facility spanning four buildings with over 600 units on a two-and-a-quarter acre lot. Associate Vice President Austin McLeod represented the seller in the transaction.

 

The buyer was an affiliate with Cohen Investment Group (CIG), a privately held real estate investment firm based in Norfolk, VA. “We have been rapidly acquiring self-storage assets throughout the Southeast and Southwest U.S. over the last several years, making Mercury a welcomed value-add opportunity to our portfolio. We were happy to get this transaction completed in short order and smoothly,” said Hugh D. Cohen, President with Cohen Investment Group. The transaction was only the fifth self-storage sale in the Hampton/Newport News market since the start of 2020.

 

“This was a swift process where I brought multiple qualified offers to the table,” said McLeod.

 

Since the pandemic, the self-storage industry has experienced a positive trajectory because of disruptions in housing, lifestyle changes, elevated migration, and office space shifts. According to Yardi Matrix, as of August 2021, a 10×10 non-climate-controlled unit averages $128 per month, which is the highest for that size since 2016, while climate-controlled units average $146 per month.

 

“The buyer gained a strong value-add opportunity which was also located close to where the company is based,” said McLeod. “Operationally, this facility fits in well with their current portfolio.”

 

For more information or to contact Austin McLeod, please visit www.matthews.com.

 

 

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services, and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.