I 78 Self Storage in Myerstown, Pa., sold for $485,000 to an individual real estate investor. Built in 2004, the property has 126 units totaling 22,800 square feet. The total lot size is 2.53 acres and is approved for one additional building of 3,000 square feet.
Occupancy at the time of the sale was 72 percent. The new buyer is constructing a rental office at the property immediately after the closing. This was an all-cash transaction with no financing.
John H. Gilliland of Investment Real Estate represented the buyer and seller in the transaction. Investment Real Estate provides self-storage brokerage, construction, feasibility and consulting services in the Northeastern and Mid-Atlantic states.