A 36,000-square-foot self-storage facility in Desoto, Kan., was recently purchased by investment group CKC Properties LLC from Emprise Bank. The DeSoto Self Storage facility became bank owned after it fell into foreclosure about a year ago. No financial terms were disclosed.
Built in 2007, the 257-unit facility at 9520 Lexington Ave. once operated under the name K-10 Self Storage due to its proximity to State Highway 10. Prior to selling, the bank hired new management to upgrade the facility and increase occupancy, which had reached 68 percent at the time of the sale.
Jon S. England of Lee & Associates in Kansas City, Kan., represented Emprise in the transaction. The facility's location between Lawrence, Kan., and the Kansas City metro area offers increased occupancy potential for the new ownership, England said.
CKC Properties is a local real estate investment group that owns several other self-storage facilities.