In a $1.8 million transaction, Gulf Coast operator The Storage Center sold a two-property self-storage portfolio in Baton Rouge, La., on Dec. 23. The company still has 11 self-storage facilities throughout Louisiana, Mississippi and Texas.
The facility at 9190 Parkway Drive sold for $1 million. It consists of 47,273 rentable square feet and sits on 2.6 acres. It was approximately 50 percent occupied at the time of sale.
The facility at 11520 Richcroft Ave. sold for $800,000. It consists of 56,675 rentable square feet and sits on 2.8 acres. The facility was 32 percent occupied at the time of sale. Approximately $100,000 of deferred maintenance was part of the transaction.
Ricky Lennard of Shreveport, La.-based Lennard Properties LLC brokered the sale. Lennard is the Argus Self Storage Sales Network broker affiliate for the state of Louisiana.
Both properties sold on an 8 percent capitalization rate, according to an Argus press release.
Based in Denver, Argus was formed in 1994 to assist self-storage owners and investors with their real estate needs. The company has broker affiliates covering nearly 40 U.S. markets.