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Closings
Beverly Self Storage
Published: Tuesday, October 7, 2008
The Sperry Van Ness National Self Storage Team Completes the Sale of a Self Storage Facility for $1.437 Million.
The Sperry Van Ness National Self Storage Team, an elite group of investment brokers specializing in the marketing, sale, disposition and acquisition of self storage properties throughout the U.S, has completed the sale of a self storage facility for $1,437,000. The property is located at 97 Rantoul Street, Beverly, MA.
Connie Neville, senior advisor for Sperry Van Ness in Lexington, MA, teamed with Nicholas J. Malagisi, national director of self storage for Sperry Van Ness International in Williamsville, NY, to represent the seller, a Massachusetts-based investment group, and the buyer, an Illinois-based investment group. The property closed at a price of $75.76 per square foot net rentable.
This sale marks the second self storage closing for Neville and Malagisi in Q3, 2008 including the sale of a self storage property located in Brockton, Massachusetts. In the past two years, Neville and Malagisi collectively have closed over $25.5 million in self storage properties.
“The buyer is from the Chicago area and has invested in self storage properties in select markets throughout the country,” says Neville. “This facility will be professionally managed by Golden, Colorado-based Advantage Self Storage, with property plans that include renovations to expand the office area and additional access hours for tenants.”
The facility features 261 rental units and approximately 18,969 rentable square feet. At the time of sale, the property was at 96% physical occupancy.
Formed in 2005, the Sperry Van Ness National Self Storage Team consists of senior investment advisors specializing in the marketing, sale, disposition and acquisition of self storage properties nationwide. The team utilizes local market expertise to provide clients with the most critical information in a specific market to strengthen the transaction process. By leveraging an appropriate advisor in each market, the team creates an unprecedented synergy for its clients. Sperry Van Ness is the only national firm that in addition to marketing to self storage investors and outside investors, implements an immediate proactive strategy to market all listings to the entire brokerage community. Collectively, the team has brokered the sale of over $400 million in self storage real estate based on total transaction volume. For more information, or to find a representative in your market, please call (800) 304-0442 or visit www.storagerealty.com.
Founded in 1987, Sperry Van Ness is one of the largest and fastest-growing commercial real estate brokerage firms in the industry, with more than 990 advisors in over 150 locations. The firm is built to immediately market every one of its clients’ properties to the entire brokerage community. Sperry Van Ness delivers results for clients through a proven business model that provides advanced marketing and technology tools. Based in Irvine, Calif., the firm operates internationally and provides brokerage, consultation, asset management, property management, leasing, accelerated marketing, and auction services. Sperry Van Ness transactions total billions of dollars annually in office, multifamily, retail, industrial, self-storage, hospitality and land transactions. For more information, please visit www.svn.com.