Sage Road Mini Storage in Medford, Ore., was sold on March 29 in an all-cash transaction for $1.2 million. The 31,424-square-foot property sold at a 6.16 percent capitalization rate, according to the Argus Self Storage Sales Network.
Built in 1992, the facility had been family owned and operated and was purchased by a private party. Argus did not reveal the identity of the seller, who was represented in the transaction by Steve Boldish of Oregon Self Storage Brokers. Boldish represents Argus in the state of Oregon.
The property offers an upside in additional rental area and rent adjustments, Argus said in a press release.
Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.