PRESS RELEASE: York, PA – March 23, 2017 – Sale of Chestnut Mill Storage in Souderton, PA
Investment Real Estate, LLC announces the sale of the Chestnut Mill Storage for $1,350,000 to a private investor. Chestnut Mill Storage is located in Souderton, PA in Montgomery County.
Chestnut Mill Storage consists of one building which was converted to self storage in 2003. The facility offers more than 180 interior access temperature control storage units and has an on-site rental office which operates seven days a week.
The facility was 87% occupied at the time of sale, and is comprised of nearly one acre of commercial industrial zoned land. Property improvements include 24-hour interior lighting, security cameras, loading dock access and on-site management. The property boasts pride of ownership throughout with a long history of high occupancy year round.
Chestnut Mil Storage is located on Chestnut Street just off Route 113 and less than half a mile from Route 309, a major artery serving Montgomery County.
Kevin Bledsoe, VP of Brokerage for Investment Real Estate, says, “The ownership group developed Chestnut Mill Storage ten years ago and they did a great job converting the old textile mill into a self storage facility. The business has thrived since its inception in 2007, but the owners made a decision that it was time to retire and head for warmer climates.” He continues, “The buyers own a moving company and they were looking for a business that could serve as a passive income source. Additionally, the buyers are able to use their moving tenants to fill self storage units while the movers are in transition. The buyers and sellers worked very well together during the transaction and both parties were happy to move forward with their new ventures.”
For more information, contact Jess Dubbs, Director of Marketing.