PRESS RELEASE: York, PA – April 2, 2020
Locally owned and operated Investment Real Estate, LLC (IRE) announces the sale of Dover Mini Storage to Ideal Storage Group. Dover Mini Storage is located on Palomino Road in Dover, Pennsylvania in York County. The facility is located just off Route 74 (Carlisle Road), which is the main thoroughfare in the area.
Kevin Bledsoe, VP of Brokerage for Investment Real Estate, says, “We were happy to be able to solve the 1031 tax exchange issue the seller had in order to meet replacement property timelines, and also to connect our sellers with a qualified buyer to help complete their retirement plan. Both parties are good friends of ours, and we were happy to create a win-win scenario for everybody.”
The self storage facility opened in 1986 and was built in several phases through 1996. The property features more than 250 drive up access self storage units, totaling more than 35,000 NRSF, just over 100 outdoor parking spaces, and office space for rent. Dover Mini Storage is comprised of almost 4 acres of commercial zoned land, including five storage buildings. The property features a paved entrance and gravel drive surface, perimeter fencing, security cameras and gated keypad access, with an on-site rental office and business hours five days a week.
The seller states, “My partners and I had decided in the last year that if the right opportunity presented itself, we would consider selling Dover Mini Storage and move on toward retirement. Kevin Bledsoe of IRE had contacted us about a qualified buyer who was interested in purchasing a self storage business. The buyer was seeking a 1031 tax exchange replacement property. Kevin knew of our self storage facility and arranged for a discussion between both parties. Kevin, together with Rick Hansberry the IRE Director of Transactions, worked closely with our partnership during the negotiations. The sale was made more difficult due to my residence being out of the area and the loss of my mother. We subsequently received a great offer, and Kevin and Rick did a fantastic job facilitating the sale to the finish line for both parties. Selling our self storage facility was a bitter sweet end to a 21-year career for me in the self storage industry. It has been an amazing journey, and knowing and working with people like Kevin and his associates has been a great experience, and a pleasure doing business with both Kevin and Rick.”
For more information on self storage for sale in PA or on this property, contact Jess Dubbs, Director of Marketing.