IRE Announces the sale of the U-Store-It Portfolio
Investment Real Estate, LLC announces the sale of the U-Store-It 4 Property Portfolio to a private buyer. The 4 properties consist of 999 Self Storage units and 50 Covered RV Spaces across the portfolio’s 146,023 rentable square feet of self storage. This transaction also contained a single-family rental home and a commercial warehouse building. The properties are in the Elmira/Horseheads, NY market.
Justin Quinto, Brokerage Advisor for Investment Real Estate, says, “The sellers built and managed these properties for 2 decades without the use of any computer software. To find an operation this successful in 2021 without relying on technology is a real tribute to the hard work and dedication that the sellers exhibited daily to their business. This was a large portfolio in semi-rural upstate NY that generated a lot of interest from potential buyers and we were able to secure an offer for our clients within 24 hours after going to market. All parties navigated through any hurdles and the result was a successful transaction. It was an absolute pleasure working with the sellers to help them achieve their goals and we wish them all the best in the retirement.”
The properties feature security cameras, dusk to dawn lighting, gravel and paved drive surfaces, security fencing, a rental office and manual gate access. The facilities had an average occupancy of over 90% upon sale.
ABOUT INVESTMENT REAL ESTATE, LLC
Since our inception in 1998, Investment Real Estate, LLC has specialized solely in the self storage industry, including Brokerage, Construction, Management and Development. We travel thousands of miles each year, meeting and getting to know clients in the markets we serve and networking at various industry associations and functions, while developing our reputation as the go-to source for information in the self storage industry. We are the #1 Broker of Self Storage in the Mid-Atlantic and Northeast States. Our company remains locally owned and operated and is guided by the core values of doing the right thing; being enthusiastic, engaged and competitive; working hard; working smart; having fun; and being compassionate and authentic. For more information, please visit https://irellc.com/.