McEver Road Self Storage in Oakwood, Ga., recently sold for $3.2 million, or about $43 per rentable square foot, to a local investor. The buyer formed an LLC to acquire the facility and obtained financing from the Small Business Administration, according to a press release from Midcoast Properties Inc., the commercial real estate firm that represented the seller in the deal. Multiple offers were received for the property, which was nearly 90 percent occupied at the time of sale, the release stated.
Opened in 1986, the property encompasses 74,400 net rentable square feet of storage space on more than 5 acres. It underwent expansions in the early 2000s and now consists of 11 buildings and a freestanding rental office. It has 544 units, 148 of which are climate-controlled. Amenities include drive-up units, video cameras, gated entry, moving and packing supplies, and truck rental.
Dale C. Eisenman, president and broker-in-charge of Midcoast Properties, had the listing to market the property on behalf of the seller, a financial fund. Midcoast offers brokerage services to self-storage owners and investors in Georgia, North Carolina and South Carolina.