Fulton Realty Capital advised a private client on the acquisition of a self-storage property in the Hattiesburg, Mississippi MSA. Fulton’s team sourced the opportunity, negotiated the transaction, and arranged five-year fixed rate, life insurance company debt financing.
The property features roughly 45,000 rentable SF of self-storage. 90% of the 350 units are climate controlled. The property also includes an acre of vacant expansion land, approved for an additional 11,500 SF of storage.
Fulton has identified opportunities for upside through occupancy and rental rate increases. Formalized marketing programs and new revenue management systems will also be implemented to improve performance. The facility will be operated by a professional, third-party management company.