PRESS RELEASE: York, PA – October 11, 2018
Locally owned and operated Investment Real Estate, LLC (IRE) announces the sale of Kingston Self Storage for $3,100,000 to a private investor. Kingston Self Storage is located on Marion Drive in Kingston, which is in Plymouth County and just outside the historic town of Plymouth.
The facility was built in phases from 1989 through 1999 and offers over 235 drive up and interior access storage units. Kingston Self Storage is comprised of 3.38 acres of commercial industrial zoned land with excellent visibility from Marion Drive and has been well maintained.
The property is comprised of eight buildings with an on-site rental office. Property improvements include paved driveways, exterior lighting, security cameras and keypad entry gate. Kingston Self Storage was 92% occupied at the time of the sale.
Justin Quinto, Brokerage Advisor for Investment Real Estate, says, “This was a great opportunity to work with a father and son team in the sale of their facility. The Curreri’s had acquired this facility being novices in the self storage industry but did a tremendous job operating it over the past several years. While we encountered several challenges along the way, we were able to overcome each obstacle resulting in a successful transaction.”
Here are some of the obstacles that Investment Real Estate had to overcome during the course of this transaction:
- Purchase and sales agreement terms.
- Rising interest rate market.
- Where to place funds from proceeds of sale.
- IRE worked to resolve several issues regarding terms to the satisfaction of both seller and buyer.
- Marketed the site as a sound and stable investment to maximize value.
- IRE suggested several items including a 1031 Exchange and a Deferred Sales Trust™.
When the buyer was asked about the process, M. Curreri says, “Justin and the Investment Real Estate team were great in the sale of our self storage facility. Justin was fantastic to work with and tried to always make himself available for calls or emails any time of the day. Despite some challenges along the way, the end result was the successful sale of our facility. Thank you, IRE!”
For more information, contact Jess Dubbs, Director of Marketing.