The value-add portfolio is the fourth asset Franklin Street’s David Perlleshi and Frank DeSalvo have sold on behalf of HZ Capital Partners, LLC in the last nine months
ANGOLA, IN (February 9, 2023) – Franklin Street has arranged the sale of a two-property, value-add self-storage portfolio in Angola, Indiana, about an hour north of Fort Wayne. The portfolio comprises 109 units and 16,775 rentable square feet.
Senior directors David Perlleshi and Frank DeSalvo, who lead Franklin Street’s national self-storage investment sales practice, represented the seller, HZ Capital Partners, LLC, in the disposition. The buyer is NT Investments, LLC.
“This portfolio garnered significant demand for its strong value-add potential, including opportunities to increase occupancy, while bringing rental rates and other tenant fees up to meet the current market,” said Perlleshi. “We are pleased to have brought the right buyer to the table, ensuring another successful transaction on behalf of our client.”
The two properties in the portfolio are located at 1009 N Wayne St. and 3845 N 300 W and sit on a combined 2.72 acres. The facilities were built in 1986 and 1999, respectively. Notably, the Wayne Street facility has space for further development.
“Frank and Dave have sold four storage facilities for us in the past nine months at an average sales price of 102.4% of list price, at what we feel were aggressive cap rates,” said Brandon Hicks with HZ Capital Partners, LLC. “They know how to price and market storage assets and will continue to be our go-to brokers for selling our facilities.”
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.