PRESS RELEASE: York, PA – July 23, 2014 – Two Property Portfolio in Baltimore, MD
Investment Real Estate, LLC is pleased to announce the recent transaction where control of the Security Mini Storage and Beltway Mini Storage facilities was transferred to new entity. John Gilliland and John Barry represented both Seller and Buyer in the transaction. The properties will be managed by Investment Real Estate Management (IREM) and operated under the trade name Moove In Self Storage.
The properties are located in Baltimore, MD near the intersection of Interstates 695 and 70. Combined, they total 957 units with 69,508 SF of rentable space. The properties contain 13 single story drive-up buildings constructed of split face block with metal roll up doors. A number of improvements are under way by Investment Real Estate Construction including new signage, office refurbishment, completion of the new roofing project, perimeter fencing and installation of key pad operated gates.
Moove In Self Storage is excited to move into the greater Baltimore market. These properties offered a great opportunity to bring IREM’s management expertise to first generation assets. The only marketing strategy previously employed was on-site signage with a phone number! All new systems are now in place for revenue management, web based marketing and lead generation, 24-hour rental capabilities, rental trucks, tenant insurance plans, retail sales, auction procedures, on-call maintenance and professionally trained on-site management.
“This transaction was one of the most creative that we crafted in our 17 years of selling self storage facilities,” said John H. Gilliland, President & CEO. “We worked hard over many months to make it a true win-win scenario for the seller and buyer. Various estate tax, legal entities, leasing options and management strategies were employed to make it all come together. All of the professionals involved in both sides of the transaction are to be commended for their creativity and hard work.”
For more information, contact Jess Dubbs, Director of Marketing.