Fulton Realty Capital advised high-net-worth co-investors on the acquisition of a self-storage facility in the Charlotte metro area. In addition to sourcing the asset, Fulton's advisors led all negotiations and secured CMBS financing to facilitate the transaction.
The single-storage property has 94,000 rentable SF, 705 units, and two RV/parking spaces. It's among the highest quality assets in the submarket, both in terms of physical condition and curb appeal.
An adjoining parcel of vacant land was included in the transaction. It could accommodate additional storage units or a single tenant warehouse building.
A professional management company, arranged by Fulton, will assume day-to-day oversight of the facility. New marketing programs, revenue management systems, and revenue streams are among the planned improvements.