PINE BLUFF, March 5, 2024 – Franklin Street Self-Storage announced today that it has closed the sale of Sassy’s U-Lock It, a 14,040-net-rentable-square-foot, 101 non-climate unit, value-add self-storage facility in the Pine Bluff MSA.
Franklin Street represented the seller, Nicholson Properties, LLC, and the buyer is Property Management CRE LLC.
With current street rates conservatively estimated to be over 50% below market value, the new owner stands to immediately capitalize on this discrepancy through judicious rent increases.
Leading the transaction was the Franklin Street Self-Storage Investment Sales team, successfully navigated by Senior Directors David Perlleshi and Frank DeSalvo.
Situated at 3015 S Midland Dr., the facility is located a mere 35 miles south of Little Rock, serving a bustling hub of 39,495 residents.
“Working with David and Frank at Franklin Street made the process of selling my facility easy and seamless. Their professionalism, market knowledge, and dedication were unparalleled,” said John L. Nicholson with Nicholson Properties LLC.
Nicholson added, “The team navigated me through complex negotiations with ease, always ensuring my interests were protected. Their insights into market trends and large network of contacts proved invaluable in finding the right dedicated buyer.”
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About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
