Cushman & Wakefield has completed the sale of a 63,550-square-foot facility in Wilmington, N.C. Vice Chairman Mike Mele and Executive Managing Director Luke Elliot negotiated on behalf of the seller, a private investor. At the time of closing, the asset had an occupancy rate of 90 percent.
Reliant Real Estate Management, through its Midgard Self Storage subsidiary, acquired the property for $6.9 million, according to New Hanover County records. The buyer financed the purchase with a $5.3 million loan from F&M Bank.
Located on 7 acres at 7275 Carolina Beach Road, the facility encompasses three single-story buildings completed in 2018. The property has 438 climate-controlled and non-climate-controlled units ranging from 25 and 300 square feet, as well as parking spaces between 300 and 500 square feet. The store has security cameras, drive-up access and U-Haul truck rentals. Situated along U.S. Route 421, the site is 10 miles south of downtown Wilmington.
Reliant Real Estate Management’s self storage portfolio includes 53 properties totaling more than 34,000 units and spanning 4.5 million square feet. The majority of these facilities are located in Southern states, but the company also has a footprint in Colorado. Last month, the self storage owner paid $14.8 million for a 1,200-unit portfolio in Murfreesboro, Tenn.