PRESS RELEASE: York, PA – January 18, 2018 – Sale of Bethel Self Storage Park in Bethel, NY
Investment Real Estate, LLC announces the sale of Bethel Self Storage Park for $2,100,000 to private investors. Bethel Self Storage Park is located on State Route 17B in Bethel, NY in Sullivan County, approximately 100 miles northwest of New York City and 110 miles southwest of Albany.
Bethel Self Storage Park is comprised of 11 buildings and opened in 2004. The facility consists of more than 200 storage units, including outdoor parking spaces, carports, barn storage units, a rental house and an apartment above the rental office as well as a box truck.
The property features a 440+/- SF rental office on site that is open six days a week. Bethel Self Storage Park has excellent visibility along State Route 17B, which is a primary highway for the area.
Bethel Self Storage Park was 93% occupied at the time of sale, and is comprised of more than six acres of agricultural zoned land. Property improvements include credit card processing, exterior lighting and U-Haul truck rentals. There is also room to expand by an additional 10,000 NRSF with 6,000 SF currently approved, and the property offers a significant management upside.
George Hatchard, Brokerage Advisor for Investment Real Estate, says, “Steve Daley is a creative and energetic entrepreneur. He took a mismanaged foreclosed property and transformed it into Bethel Self Storage Park; a thriving, well run, community trusted, self storage facility. He embraced and welcomed the buyers throughout the process, making the transition seamless. Cooperation made this transaction extremely satisfying for all involved.”
Here are some of the obstacles that Investment Real Estate had to overcome during the course of this transaction:
- The seller did not use a management software system.
- The buyer used SBA financing.
- The buyer’s 1031 exchange was in jeopardy when an early January snowstorm came through the area the day of closing.
- IRE used the seller’s paper records to produce spreadsheets, which replaced management summaries and occupancy reports.
- The SBA loan application process is paper intensive, so we made sure everyone responded to requests for information as quickly as possible, thus keeping the deal on schedule.
- The title company was snowed in and unable to physically attend the closing. The buyer, seller and IRE were able to coordinate with the seller’s attorney to handle the closing, which allowed the transaction to finalize on time.
The seller, Steve and Angela Daley, commented, “George Hatchard and the IRE team were a joy to work with. We can’t thank them enough for all they did to sell our facility. They answered every call and handled every question promptly. There is no question in our minds, if you are going to buy or sell a self storage facility, you need to work with IRE.”
For more information, contact Jess Dubbs, Director of Marketing.