Atlanta-Area Storage Facility Sells for $19M
- May 07, 2018
Marcus & Millichap has arranged the sale of Space Shop Self Storage, a 1,174-unit storage facility in Roswell, Ga., for $19.4 million. The firm represented the seller, Stein Investment Group, and procured the buyer, a regional self-storage operator.
Space Shop Self Storage occupies 6 acres at 1240 Alpharetta St., approximately 24 miles of downtown Atlanta. More than 185,000 people live within a 5-mile radius, and the average income is around $81,000. Constructed in 1995, the four-building facility offers climate- and non-climate-controlled units, ranging in size from 25 to 300 square feet, according to Yardi Matrix. Amenities also include a gate, drive-up access, parking and RV parking and security camera. In addition to that, the storage facility offers services such as on-site management and truck rental options.
“Strong employment gains and an affordable cost of living are contributing to another year of healthy household growth in Atlanta,” said Stacey Gorman, first vice president of investments at Marcus & Millichap, in prepared remarks. “Along with an increase in retail spending, these positive economic fundamentals support growth in the self-storage sector, which will see an increase in rents this year, despite elevated development. This year’s completions, however, will be concentrated near Midtown and Buckhead, where the growing population of high-wage earners is especially supportive of the need for storage.”
Image courtesy of Yardi Matrix