Fulton Realty Capital advised a private client on the acquisition of a self-storage property in New York’s Hudson Valley. Fulton’s team sourced the asset, secured fixed rate CMBS financing, and led all negotiations.
The 24,000 rentable SF facility has over 200 non-climate-controlled storage units. Although the asset was 86% occupied at closing, it still has significant upside potential.
Fulton has identified opportunities to improve performance. Formalized online marketing initiatives and a campaign to maximize use of the property's tenant insurance program will soon be implemented. In addition, a professional management company to been hired to oversee day-to-day operations.