Strategic Investment Opportunity in the Growing Self-Storage Market
We are pleased to announce the successful sale of the NextStor Storage Portfolio, located at 1952 Smokey Park Hwy and 2528 Smokey Park Hwy in Candler, NC. This transaction marks the second sale facilitated by the Franklin Street Self Storage Investment Sales Team for the Philadelphia based Private Investment Firm, Belrose Storage Group.
Property and Transaction Overview
The NextStor Storage Portfolio includes 33,055 net rentable square feet, featuring 236 non-climate-controlled storage units and 7 outdoor parking spaces, with facilities constructed between 1993 and 2004. Recent renovations have boosted its appeal and functionality, making it a strong asset in the expanding Candler market.
This sale was facilitated by the dedicated team at Franklin Street led by Frank DeSalvo, David Perlleshi, and Joe Lombardo. Their expertise and commitment were pivotal in the successful transaction according to the Seller group.
“NextStor Storage in Candler marks the second transaction the team at Franklin Street has been able to facilitate for us this year.” said Tim Kane, VP of Operations at Belrose Storage Group. “Over the course of five months, Frank, David, and Joe guided this deal to a successful close by bringing in the right buyer and working diligently through every step of the process. Their team is exceptional in the services they provide to their clients.”
Key Highlights of the Sale
- Cash-Flowing Self Storage Facility: The facility is meticulously designed to cater to diverse storage needs while ensuring consistent cash flow for the new owners.
- Recent Renovations: Notable upgrades include the creation of a gravel lot for outdoor parking, refreshing the exterior paint, installing security cameras, and implementing an automatic gate with keypad access, all complemented by extensive site improvements.
- Future Expansion Potential: The new owners are poised to benefit from BETCO’s plans to construct an additional 13,000 NRSF at the location, paving the way for increased revenue potential.
- Strategic Location: Candler boasts a growing population of 33,572 residents and an average household income of $74,203 within a five-mile radius, making it an attractive market for self-storage solutions. The local topography is challenging for new development and, establishes a high barrier to entry for potential competitors.
- Market Demand: The Asheville Metropolitan Statistical Area, including Candler, ranks as the seventh largest in North Carolina, housing 413,463 residents. The area exhibits a low market saturation rate of only 7.2 SF/capita within three miles of the property, underscoring the strong demand for storage solutions.
- Remote Management Ready: With recent enhancements to gate access, fencing, and security measures, this facility is exceptionally well-positioned for remote management, making it an ideal investment for those seeking to streamline operations effectively.
