Fulton Realty Capital advised a private client on the acquisition of an eighteen-property self-storage portfolio located in across Central Pennsylvania and Southern New Jersey. Asset sourcing, CMBS financing, and negotiations were led by Fulton’s team of real estate professionals
Comprised of approximately 700,000 rentable SF and nearly 4,400 storage units, the facilities operate in submarkets with little-to-no competition from REITs and national operators. At the time of closing, the portfolio averaged well over 90% occupancy. There's significant upside potential through capital improvements and rental rate increases.
The sites will be operated by a professional, third-party management company. Additionally, Fulton has identified opportunities to improve performance through revenue management systems, formalized marketing programs, and ancillary income streams, such as tenant insurance programs.
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