Hatcher Storage Group Brokers Sale of OH Facility

The self-storage group of Marcus & Millichap has arranged the sale of a 509-unit facility located in Springfield, Ohio.
Springfield Storage Depot

The Hatcher Storage Group of Marcus & Millichap has arranged the sale of Springfield Storage Depot, a 69,275-net-rentable-square-foot facility in Springfield, Ohio. The property changed hands at a 7.71 percent cap rate.

Located at 1215 N. Belmont Ave., the asset is near State Route 40 and Interstate 70, roughly 45 miles from downtown Columbus. Approximately 83,000 people live within a five-mile radius area, with a median household income of around $39,937. Constructed in 2002, the 12-building storage facility occupies 6.4 acres and offers 509 units ranging in size from 50 to 300 square feet. Characteristics of the asset include 24-hour, electronic gate access, video camera surveillance and key code/card entry and exit.

In December 2017, Marcus & Millichap brokered the sale of self-storage portfolio in Ohio. The $31.4 million transaction encompassed eight properties totaling 3,050 units located in Lorain, Elyria, Cuyahoga Falls, Northwood, Oregon, Toledo and Stow.

Image courtesy of Yardi Matrix