If you needed any more proof that storge is a big-money game, a joint venture between Westport Properties and Heitman Real Estate Investment Management have completed a $25.1 million acquisition of a newly delivered 970-unit self-storage facility (92,500 square feet) in Needham, Massachusetts. SSG Development sold the property.
The new owner financed the purchase with a $15.7 million bridge loan from Nassau CorAmerica. The non-recourse mortgage carries a variable interest that starts at 4 percent.
In November 2019, the seller and developer acquired the land for $5.8 million from a private investor. The developer financed the project with an $18.2 million construction loan from Cambridge Savings Bank.
Located on a 2-acre parcel, the property was delivered in 2020. The fully climate-controlled facility has units with sizes between 15 and 300 square feet. The three-story building has passenger elevators, video monitoring, an on-site manager and sells moving and packing supplies. The site is approximately 16 miles west of downtown Boston.
In December, the brokerage company arranged a $59.5 million refinancing package for a 311,800-square-foot self storage portfolio. The three facilities are located in Hewlett, Garden City and Oceanside, N.Y.
This really goes to show you what a truly great investment self-storage is. We here at Mindful Workspaces & Storage know this is the case, and will continue to diversify our portfolio in this area. We hope you can come and join us.
If you are looking for a cost-effective storage option, don’t overlook a storage unit from Mindful Workspaces & Storage. They provide key solutions to many business issues such as extra office space. And remember that storage containers do not require much to set up and are a great temporary alternative for businesses that require storage.