Secure Stor Self Storage, Concord, VA

IRE Announces Sale of Secure Stor Self Storage Portfolio in Virginia

PRESS RELEASE: York, PA – February 1, 2019

Locally owned and operated Investment Real Estate, LLC (IRE) announces the sale of Secure Stor Self Storage for $785,000 to a private investor. Secure Stor Self Storage is located on Richmond Highway in Concord, Virginia, approximately half way between Richmond and Roanoke.

The property is comprised of four buildings and opened in 2003. The facility consists of more than 130 storage units with more than a third of those being interior temperature controlled and the rest being traditional drive-up units. Secure Stor Self Storage features an on-site rental office which has been operated four days per week by a property manager. The property is highly visible and easily accessible from Richmond Highway with an average of 18,000 vehicles daily.

Secure Stor Self Storage has been maintained to a high level, and was at 99% physical occupancy at the time of sale. The facility is comprised of 5 acres of B-1 general business zoned land, which includes room for a possible future expansion. Property improvements include perimeter fencing with keypad entry gate and asphalt drive aisles.

Yevgeni Kaniayev, Brokerage Advisor for Investment Real Estate, says, “I am honored that I was chosen to represent a family that took such pride in their self storage facility, and I want to thank everyone involved for helping make the entire transaction so smooth.”

Here are some of the obstacles that Investment Real Estate had to overcome during the course of this transaction:

Obstacle

  1. The seller lives outside of the United States.
  2. Seller was sensitive toward the sharing of financial documents with potential buyers.
  3. Communication between buyer, seller and the seller’s local representatives.

Solution

  1. The valuation and selling process was done via online presentations and on-site broker meetings with potential buyers.
  2. IRE acted as an intermediary, obtaining and keeping physical copies of all materials and sharing the digital copies only with the parties directly involved in the exchange.
  3. Organized and frequent communication between all parties allowed IRE to complete the transaction smoothly and on time.

The seller, Michael Powers, commented, “Yevgeni was courteous and professional throughout the entire process. Due to the persistent efforts of Yevgeni and IRE, we were able to sell our facility for a higher price than we expected. Thanks for everything!”

For more information, contact Jess Dubbs, Director of Marketing.


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