Private-equity group Curatolo Seabrook LLC has purchased Seacoast Mini Storage in Seabrook, N.H., from The Marilyn T. Imke Revocable Trust for $5.8 million. The trust owned and developed the property at 233 State Route 107 for more than 30 years, according to a press release from real estate brokerage NAI Norwood Group, which helped broker the deal.
The property is 6.1 acres, with the storage facility comprising 63,754 square feet, including 55,270 net rentable square feet in 583 units. The asset also includes two apartments. It’s among the 10 largest storage facilities in New Hampshire, the release said.
Private-equity investors have become increasingly interested in self-storage as an investment offering high-yielding returns, NAI Norwood officials said. Seacoast Mini Storage was fully occupied with “stable and growing cash flow” at the time of purchase, according to the release.
The seller was represented by Joseph Mendola, senior vice president of NAI Norwood and an affiliate of the Argus Self Storage Sales Network, a Denver-based network of real estate brokers specializing in storage properties. Mendola also assisted the buyer.
Bedford, N.H.-based NAI Norwood is an affiliate of NAI Global, a managed network of independently owned commercial real estate brokerage firms. The company assists corporations with negotiating leases, sales, business brokerage, investments, relocation, site selection and development.