InSite Property Group Acquires 1st DC-Area Storage Asset
- Nov 20, 2020
InSite Property Group has completed the acquisition of two self storage properties encompassing 100,799 square feet in Lanham, Md. This is the company’s first acquisition in the metro Washington, D.C. area, according to Nathan McElmurry, InSite senior vice president of acquisitions. Coakley Realty sold the facilities.
The two assets previously changed hands in 2005, when a private investor sold them for $12.5 million, according to Yardi Matrix data.
Located on nearly 9 acres at 10201 Aerospace Road and 10108 Greenbelt Rd, the property encompasses two buildings completed in 1967 and 1988, respectively. The facility features climate-controlled and drive-up access units with sizes between 20 and 750 square feet.
The buyer plans to implement an extensive renovation program on the properties. Upgrades will include remodeling the leasing office, new lighting systems, landscaping and several other cosmetic improvements. The company will also upgrade the security system and provide complimentary Wi-Fi throughout the facilities.
The site is a short distance from NASA’s Goddard Space Flight Center and roughly 15 miles northeast of downtown Washington, D.C. Additionally, there are at least five other self storage properties encompassing 363,608 square feet within a 3-mile radius, Yardi Matrix data shows.
In May, InSite Property Group opened a 150,000-square-foot office and self storage property in Camarillo, Calif. The company used a $10.3 million development loan from Fifth Third Bank to convert 75,000 square feet of office into self storage space.