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Storage-All, Inc.
Published: Tuesday, October 7, 2008
The Sperry Van Ness National Self Storage Team Completes the Sale of a Self Storage Facility in Endicott, New York With a Denver-Based Buyer.
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 completed the sale of a self storage facility for $2.18 million. The property is located at 1640 State Route 26, Endicott, NY.
Thomas D. Ruthven, associate advisor for Sperry Van Ness/Commercial Realty, teamed with Nicholas J. Malagisi, national director of self storage for Sperry Van Ness International in Williamsville, NY, to represent the seller, New York-based Storage-All, Inc. Gerard Pastrano, senior advisor for Sperry Van Ness in San Antonio, TX, represented the buyer, a Denver, Colorado-based investment group. The property closed at a price of $51.68 per square foot net rentable.
“Situations like this, where a broker brings a qualified buyer from another market (which happens 70% of the time with Sperry Van Ness investment real estate transactions), is why we made the conscious decision to affiliate with Sperry Van Ness four years ago,” says Malagisi. “According to CoStar, Real Capital Analytics and WSJ GlobeSt.com research, 80% of buyers go through their commercial broker when looking for transactions.”
The facility features 307 rental units within 42,185 rentable square feet and two acres of outside parking for RV campers. At the time of sale, the property was 95% occupied. The facility has excellent visibility from State Route 26.
“The property provides room for expansion of both additional self storage buildings and outside RV/vehicle parking,” says Ruthven. “Demand for additional capacity is strongly indicated due to high occupancy the property has experienced.”
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.storagerealty.com.
Founded in 1987, Sperry Van Ness is one of the largest and fastest-growing commercial real estate brokerage firms in the industry, with more than 990 advisors in over 150 locations. The firm is built to immediately market every one of its clients’ properties to the entire brokerage community. Sperry Van Ness delivers results for clients through a proven business model that provides advanced marketing and technology tools. Based in Irvine, Calif., the firm operates internationally and provides brokerage, consultation, asset management, property management, leasing, accelerated marketing, and auction services. Sperry Van Ness transactions total billions of dollars annually in office, multifamily, retail, industrial, self-storage, hospitality and land transactions. For more information, please visit www.svn.com.