Fulton Realty Capital advised a private client on the acquisition of a self-storage facility in Lancaster County, Pennsylvania. Asset sourcing, negotiations, and transaction financing (fixed-rate CMBS) were all led by Fulton commercial real estate team.
The 41,000 SF property includes 350 conventional and climate-controlled storage units, as well as two commercial units. The surrounding market has strong demographics but is underserved, with only 3.9 SF of self-storage supply per capita. At close, the national average was 6.2 SF per capita.
To focus on sustained long-term growth, a professional management company has been hired to oversee the facility. Fulton has also outlined a number of performance enhancement initiatives including the implementation of formal marketing and revenue management programs.
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