News & Events
Closings
North Syracuse Mini Storage-Central Square, NY
Published: Tuesday, March 13, 2007
The Sperry Van Ness National Self Storage Team Completes the Sale of North Syracuse Mini Storage for $1.1 Million
The Sperry Van Ness National Self Storage Team, an elite group of investment brokers specializing in the marketing, sale, disposition and acquisition of self storage properties throughout the U.S., has announced the sale of a self storage facility for $1.1 million. The property is located at 257 U.S. Route 11 in Central Square, NY.
Nicholas Malagisi, managing director and national director of self storage for Sperry Van Ness in Williamsville, NY, and associate broker, Thomas Ruthven, represented both the buyer, an Upstate New York operator, B&C Storage, and the seller, North Syracuse Mini Storage. The facility closed at a price of $33.54 per square foot net rentable.
“The property benefits from a highly visible location, historically low vacancy, room for expansion and modest local competition,” says Ruthven. “These are the same attributes that made the project a desirable investment.”
The facility contains 10, single-story self storage buildings with 207 rental units plus 10 outside parking spaces. The site opened for business in 1999 with additions added each year (except in 2005), which included the three-sided RV covered storage buildings. The three-acre site also comprises a free-standing, well-maintained office at the entrance of the facility. The property is located on U.S. Route 11 which parallels Interstate 81, a well-traveled road with approximately 7,100 cars passing the facility on a daily basis according to the New York State Department of Transportation.
Formed in 2005, the Sperry Van Ness National Self Storage Team consists of senior investment advisors specializing in the marketing, sale, disposition and acquisition of self storage properties nationwide. The team utilizes local market expertise to provide clients with the most critical information in a specific market to strengthen the transaction process. By leveraging an appropriate advisor in each market, the team creates an unprecedented synergy for its clients. Sperry Van Ness is the only national firm that in addition to marketing to self storage investors and outside investors, implements an immediate proactive strategy to market all listings to the entire brokerage community. Collectively, the team has brokered the sale of over $400 million in self storage real estate based on total transaction volume. For more information, or to find a representative in your market, please call (800) 304-0442 or visit www.svn.com.