Midcoast Properties Facilitates SC Portfolio Sale
- May 29, 2019
City Line Capital has acquired a two-property storage portfolio totaling approximately 168,000 rentable square feet in Lexington and North Augusta, S.C. The buyer received $11 million in acquisition financing through Citi Real Estate Funding, according to Aiken County public records. Midcoast Properties arranged the sale on behalf of seller The Giddings Group, per Yardi Matrix.
The facilities are situated around 60 miles of each other, at 115 Riverchase Way in Lexington and 854 Edgefield Road in North Augusta. Both assets are alongside Interstate 20. The Riverchase facility is within 10 miles of downtown Columbia and the other one—Summit Self Storage—is roughly 8 miles from downtown Augusta, Ga., via Freeway 25.
The two assets occupy almost 13 acres and comprise a total of 1,310 units, ranging from 25 to 325 square feet. Both facilities are gated and feature climate-controlled units, drive-up access, security cameras, parking and RV parking spaces. Additional services include on-site management and truck rental options.
Midcoast Properties Associate Broker Michael Morrison arranged the sale of the facility. The company managed to attract multiple attractive offers, Morrison told Commercial Property Executive. In March, Midcoast Properties also brokered the sale of a 110,400-rentable-square feet facility in Augusta, Ga.