Fulton Realty Capital advised a private client on the acquisition of a self-storage facility in the Kansas City MSA. In addition to asset sourcing and leading all negotiations, Fulton's team secured CMBS financing.
The 30,000 SF asset features over 350 storage units and a large outdoor surface lot. Despite 90% physical occupancy at closing, the asset has significant upside potential through capital improvements and rental rate increases.
Fulton has also identified opportunities to drive efficiencies and boost revenue. Ancillary income streams, formalized marketing programs, and the implementation of revenue and cost management systems are planned. A professional management company will assume day-to-day oversight of the facility.