Midcoast Properties Arranges South Carolina Self Storage Sale
- Mar 11, 2020
Midcoast Properties has closed the sale of Edisto Storage Express, a 168-unit self storage facility in Orangeburg, S.C. President Dale Eisenman and Associate Broker Michael Morrison represented the seller, a local investor and procured the buyer, a private investor who paid $616,000 for the property, according to public records.
The new owner financed the purchase with a $1.1 million acquisition and development loan provided by Live Oak Bank. The mortgage is set to mature in 2045. The asset last traded in 2006 for $310,000.
Located on 3 acres at 4129 North Road at its junction with Stillwood Circle, the facility opened in 1987 and expanded in 1992, according to public data. The property is 6 miles from downtown Orangeburg and 8 miles from Interstate 26. Additionally, Orangeburg Municipal Airport is 7 miles away.
Last year, Midcoast negotiated the sale of a two-property storage portfolio totaling 168,000 square feet in Lexington and North Augusta, S.C. The buyer received an $11 million acquisition loan from Citi Real Estate Funding.