PRESS RELEASE: York, PA – April 26, 2018 – Drexel Hill Storage in Drexel Hill, PA
Investment Real Estate, LLC announces the sale of Drexel Hill Storage for $465,000 to a private investor. Drexel Hill Storage is located on Belfield Avenue in Drexel Hill, which is in Delaware County.
The property is comprised of three concrete block buildings with 24/7 access. Drexel Hill Storage is located off of Burmont Road with an average of 13,000 vehicles daily. The facility is comprised of 0.3 of an acre of commercial zoned land. Property improvements include perimeter fencing, exterior lighting, asphalt driveways and rubber roofing. Drexel Hill Storage was 95% occupied at the time of the sale.
Here are some of the obstacles that Investment Real Estate had to overcome during the course of this transaction:
- The property was mismanaged.
- Property was in disrepair.
- Mismanaged property led to missing due diligence documents.
- Buyer agreed to take over property management prior to the sale.
- IRE coordinated the completion of capital improvements between the buyer and the seller.
- Worked between buyer and seller to find solutions to lacking due diligence documents.
Kevin Bledsoe, VP of Brokerage for Investment Real Estate, says, “The property was in poor condition at the time of sale, but IRE was able to find a buyer that specializes in rehabilitation self storage projects.”
For more information, contact Jess Dubbs, Director of Marketing.