Charlotte Self Storage Asset Trades for $9M

LMF Commercial provided financing for Prime Group Holdings' purchase of the 116,350-square-foot facility.
CrossTrax Self Storage

Prime Group Holdings has acquired CrossTrax Self Storage in Charlotte, N.C., from a private investor. The 116,350-square-foot facility changed hands for $9.2 million, and the new owner received acquisition financing from LMF Commercial, Mecklenburg County records show.    

Located at 9400 Bob Beatty Road, the 666-unit property is 1 mile south of Interstate 485 near its intersection with the Bill Lee Freeway. The asset is 10 miles north of downtown Charlotte and within 3 miles of more than 8,300 multifamily units, according to Yardi Matrix data.

Completed in five phases between 1997 and 2016 on an 11.9-acre site, the property comprises units ranging from 25 to 400 square feet. The gated facility features climate control, RV parking, drive-up access, security cameras and 24-hour accessibility.

Associate Jonathan Spencer, Associate Appraiser Scott Eckert and President & CEO Cowles Spencer Jr. from The Storage Acquisition Group negotiated the deal. Spencer was also part of the team coordinating the $7.1 million January sale of a 91,569-square-foot facility in Mesa, Ariz.