Guy Blake of Pyramid Brokerage Co. represented the seller and buyer in the sale of That Storage Place in Kingston, N.Y. The property sold for $2.4 million at an 8.6 percent cap rate based on 2008 actual income and expenses.
Built in 2004, the facility is a fully stabilized, class-A self-storage center with 41,200 rentable square feet on 2.9 acres. The seller was interested in selling the property before the end of 2009 due to concerns over a potential increase in capital gains taxes. The buyer is a local operator of self-storage facilities, gas stations and car washes.