MORGANTON, N.C. (June 8, 2023) – Franklin Street has arranged the sale of Hayes Water Storage, a 163-unit, 24,350-net-rentable-square-foot, value-add self-storage facility in Morganton, North Carolina.
Franklin Street’s National Self-Storage Team of Frank DeSalvo and David Perlleshi represented the seller, local investors Darren and Danna Stillwell, in the transaction. The buyer is Florida-based, Green Self Storage Funds, who was represented by Gary Medley of RG Commercial Real Estate LLC.
“We are pleased to announce the closing of Hayes Water Storage in Morganton, North Carolina. After having the property fall out of contract last year due to interest rate increases, we were happy to be able to get this one across the finish line for our client,” says Frank DeSalvo, Senior Director. “The property’s strong value-add potential, equipped with ample expansion land will allow for the buyer to capture significant revenue growth in the future.”
Built in 1996, the self-storage facility has received renovations between 2019-2022 and features on-site amenities, including perimeter fencing, sufficient lighting and security cameras. Additionally, the facility features automated gate and keypad access, making it ideal for remote management.
Located at 5470 Hayes Water Road, the facility is located along Interstate 40, which is in an immediate trade area with an undersupply of self-storage facilities.
“This is the second time I’ve worked with Frank and Dave for the sale of my properties, and I am always very pleased with their work. They were able to generate seven offers within three days of hitting the market, and we were ultimately able to close at full price. I would highly recommend them to anyone else looking to sell their self-storage properties,” said Darren & Danna Stillwell, local investors.
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.