New investors purchased Carter Storage in Genoa City, Wis., through a loan from the Small Business Administration.
The U.S. Small Business Administration (SBA) changed its loan guidelines in late 2010 to allow self-storage businesses to be an eligible business type. Previously, self-storage facilities were only eligible if more than 50 percent of the business revenue came from sources other than monthly rent.
Carter Storage has 52 self-storage units in a variety of sizes, totaling 9,200 rentable square feet. The property was sold at a 9.45 percent cap rate. The facility spent 92 days on the market and took 50 days to close upon acceptance.
Chris Hitler of Investment Real Estate Specialists LLC represented the seller and buyers. Hitler is the Argus Self Storage Sales Network broker affiliate for Wisconsin.