Storage Facility Sold Over List Price
Athens, GA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently completed the sale of a new construction “Five Points Storage” self-storage facility in Athens, GA at $100k over the final list price. The Seller was a Georgia-based private development group led by Brooks Pennington IV, and the Buyer was SpareBox Storage, a private equity group based out of Colorado. Associate Vice President Austin McLeod represented the seller in the transaction.
The self-storage facility, located at 185 South Milledge Drive, is approximately 38,100 square feet on one-and-a-quarter acres of land with over 380 units. McLeod generated multiple qualified offers, created a competitive bidding process, and conducted a nationwide marketing campaign.
“This facility was built in 2020 and leased quickly, making it a highly desirable asset for investors,” said McLeod. “The buyer gained a timeless investment and accelerated their expansion efforts throughout the state of Georgia.”
The boom in the self-storage sector can be attributed to various factors, including disruptions in housing, elevated migration, lifestyle changes, and office space relocations caused by the pandemic. Recent years have drawn private equity firms, institutional investors, and private buyers to this active, niche product type within commercial real estate.
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.
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