Raleigh-Durham Storage Assets Trade for $18M
Liberty Investment Properties financed the purchase with an $11.8 million loan from Skymar Capital Corp.
Liberty Investment Properties has acquired a two-facility self storage portfolio totaling 131,300 net rentable square feet in Raleigh and Durham, N.C. Two separate investors sold the assets for $18.1 million, according to public records. Berkadia facilitated an $11.8 million acquisition loan from Skymar Capital Corp. The five-year note has a fixed interest rate and represents 65 percent of the purchase price.
The new owner will rebrand the properties under its My Neighborhood Storage Center platform. Both facilities have an on-site manager, indoor, drive-up access and climate-controlled units.
Located on 5 acres at 6401 Town Center Drive, the Raleigh property was completed in 2016. A private investor sold the asset for $7.8 million, public records show. The 72,600-net-rentable-square-foot, two-story building encompasses 685 units. The site is close to the 1.2 million-square-foot Triangle Town Center, U.S. Highway 1 and Interstate 540.
The Durham asset is a 58,700-net-rentable-square-foot, four-story facility located at 112 W. Seminary Ave. and completed in 2017. NitNeil Partners sold the property for $10.3 million, according to Durham County records. The building has 645 units and is situated in the city center.
The brokerage team assisting the borrower included Managing Directors Michael Weinberg, Rebecca Van Reken and Saul Hoppenstein.
Last year, Liberty Investment Properties broke ground on a 108,900-square-foot facility in Orlando, Fla. Turner Construction served as the general contractor for the three-story property, which provides 750 climate-controlled units.