Broker affiliates of the Argus Self Storage Sales Network facilitated the sales of All Store Self Storage in Nixa, Mo., and Store-All Storage in Sandwich, Ill.
All Store was sold on April 30 for $850,000 at a 4 percent cap rate on trailing income. A group of local investors purchased the property with funding from Liberty Bank. Larry Goldman of RE/MAX Best Associates, along with Gregg Stancer and Kyle Estes of Gregg Stancer Realty, represented the seller in the sale. The facility was built in 2006 and expanded in 2009. It continues to enjoy a rapid lease-up, thus accounting for the low cap rate.
The Store-All facility sold in May at an 8.5 percent cap rate. The buyer was an experienced, local self-storage operator who felt the property had significant upside potential with new management practices, according to an Argus press release. Bruce Bahrmasel of Land Star Realty Group Inc. represented the seller.
All Store Self Storage in Nixa, Mo., (left) and Store-All Storage in Sandwich, Ill.
Based in Denver, Argus was formed in 1994 to assist self-storage owners and investors with their facility sales and purchases. The network has 40 broker affiliates covering nearly 45 markets nationwide.