Midcoast Properties Brokers North Carolina Storage Deal
- Jul 01, 2020
Midcoast Properties has finalized the disposition of Leland Self Storage, a 54,625-net-rentable-square-foot property in Leland, N.C. Ultimate Storage Co. sold the property to a private investor for $6 million, according to public records. President Dale Eisenman and Associate Broker Michael Morrison negotiated the deal on behalf of both parties. The new owner financed the purchase with a $2.3 million loan from Bank Five Nine. The mortgage is set to mature in 2051 and carries a variable interest rate.
Located on a 2-acre parcel at 1218 W. Gate Drive, the four-story building opened its doors in 2018. The facility features 492 all climate-controlled units, ranging from 25 to 300 square feet. The property has an on-site manager, security cameras, two elevators, digital keypad locks, truck rentals and moving supplies. Situated close to The Shops at West Gate along U.S. Route 17, the site is 10 miles west of downtown Wilmington. There are at least five other self storage facilities within a 3-miles radius.
In March, Eisenman and Morrison also brokered the disposition of Edisto Storage Express, a 168-unit property in Orangeburg, S.C. Live Oak Bank originated a $1.1 million acquisition and development loan for the buyer.