City Line Capital Buys Georgia Storage Facility
- Nov 01, 2019
City Line Capital has purchased Storage Sense, a 49,490-square-foot property in Savannah, Ga., for $3.8 million. Citibank financed the acquisition with a $4.5 million loan, set to mature in 2024, according to Yardi Matrix. Midcoast Properties represented the seller, a private investor, and secured the buyer in the deal.
Storage Sense occupies 3.1 acres at 111 Tibet Ave. near several residential neighborhoods, including Wilshire, White Bluff and Leeds Gate/Colonial Village. The asset is accessible via Freeway 204 and is less than 3 miles from Armstrong State University. Downtown Savannah is approximately 7 miles north of the property.
Constructed in two phases in 1977 and 1979, the 10-building facility comprises both climate- and non-climate-controlled units ranging from 40 to 700 square feet. In addition to the storage, the asset has four retail spaces and seven warehouses. Other characteristics include gated entry, drive-up access, security cameras, parking and RV parking spaces. The property offers truck rental, 24-hour access and an on-site management team.
Midcoast Properties’ Dale Eisenman and Michael Morrison arranged the transaction. Earlier this year, City Line Capital acquired a storage portfolio in South Carolina. Midcoast assisted the seller, The Giddings Group, in the deal.