Highway 55 Self Storage and Wine Storage in Cary, N.C., sold last week for $2.95 million. The facility consists of 176 units and 29,350 square feet (22,720 rentable square feet) of dry storage, climate-controlled storage and wine storage. It offers U-Haul truck rental as well as outdoor boat and RV storage.
According to the property listing on Loopnet.com, the facility was built in April 2010 and reached 98 percent occupancy within the first three months of operation. The property recently received planning approval for an additional 51,650 square feet, bring the potential development to 81,000 square feet of gross building area. Site work for the expansion was substantially completed prior to the sale, and the new owner plans to build out the entire project immediately. The total property size is 6.9 acres.
Cary is a thriving community in The Triangle area of North Carolina, between Raleigh-Durham and the Research Triangle Park. The area repeatedly ranks among the top regions in the country to live, work, find a home, start or expand a business, raise a family, or retire. Well-known companies in the area include SAS Institute Inc., MCI WorldCom, IBM, Lucent Technologies, Siemens, John Deere and Cotton Inc.
N.J. Joey Godbold, of Percival McGuire Commercial Real Estate represented the seller in the transaction. Based in Charlotte, N.C., Godbold is an affiliate of the Argus Self Storage Sales Network, representing the network in North and South Carolina.
Based in Denver, Argus was formed in 1994 to assist self-storage owners and investors. It now has 36 broker affiliates covering nearly 40 markets nationwide.