Amenity-Rich Self-Storage Facility Lands New Owner

Marcus & Millichap brokered the sale of the 71,000-square-foot property in Winston-Salem, N.C. The asset was built in 2014 and has been operating since 2015.

Winston-Salem Self-Storage Opportunity
Winston-Salem Self-Storage Opportunity

Marcus & Millichap facilitated the sale of a 558-unit self-storage property in Winston-Salem, N.C. known as Winston-Salem Self-Storage Opportunity. The investment services firm had the exclusive listing of the 71,000-square-foot facility on behalf of the seller, but also secured and represented the buyer, a first-time storage owner.

The two-floor asset, completed in 2014 and opened in 2015, occupies 1.2 acres at 401 Jonestown Road within the Centre Stage at Jonestown shopping center. It offers rentable climate-controlled units, but also elevator access, a coffee bar, a laptop station, a conference room, multiple loading points and a model unit, with brand new heating, air conditioning and exterior painting. Winston-Salem Self-Storage Opportunity has great signage and highway visibility with ease of access to Interstate 40 as well as highways 421 and 158.

Recently completed conversion project

“This self-storage facility was a conversion of an existing retail building. I predict that we will be seeing a lot more of these projects in the future. There was considerable upside in this project with the facility still leasing up,” Michael Mele, senior managing director of investments in Marcus & Millichap’s Tampa office, said in prepared remarks.

Mele, together with Luke Elliott, also an investment specialist in the firm’s Tampa branch, marketed the property on behalf of the former owner and represented the new one. Raj Ravi, broker of record in Marcus & Millichap’s North Carolina office, assisted in closing this transaction.

Image courtesy of Marcus & Millichap