PRESS RELEASE: York, PA – January 11, 2018 – Sale of Keep It Here Storage in Effort, PA
Investment Real Estate, LLC announces the sale of Keep It Here Storage for $2,600,000 to private investment group. Keep It Here Storage is located on Route 115 in Effort, PA in Monroe County, approximately 40 miles north of Allentown.
Keep It Here Storage is comprised of five buildings and opened in 2002. The facility consists of nearly 300 traditional drive up storage units.
The property features a 400+/- SF rental office on site that is open six days a week. Keep It Here Storage has excellent visibility along Route 115, with access from both directions and a traffic count of 10,000 vehicles per day.
Keep It Here Storage was 90% occupied at the time of sale, and is comprised of more than 1.6 acres of general commercial zoned land. Property features include credit card processing, perimeter fencing, exterior lighting, paved driveways and Penske truck rentals. The property offers a significant management upside.
George Hatchard, Brokerage Advisor for Investment Real Estate, says, “It really motivates me to work with a family who is extremely passionate about their facility. Al Natale and his family are just that. I am so pleased we were able to reward that passion by achieving the selling price they desired.”
Here are some of the obstacles that Investment Real Estate had to overcome during the course of this transaction:
- Many long-term customers were paying significantly lower than street rates
- Past financials did not reflect the current income levels for the property
- Last winter’s snow storm left damage to the grounds and surrounding fence
- We analyzed the rent roll to find fair and equitable rate increases to those long-term customers
- We were able to the market the property using rent roll income and forecasting that income to the P&L
- The owner’s passion for his property came through with his commitment to repair everything before closing
The seller, Al Natale, commented, “My experience working with George was nothing but positive. George stands out amongst realtors; he is intelligent, intuitive and effective. I found him to be dedicated and someone who took the time to answer any questions or concerns I may have had. He went the extra mile. George was not only easy to work with, but his attention to detail made the entire experience go smoothly and efficiently.”
For more information, contact Jess Dubbs, Director of Marketing.