White Marsh, MD ยท Self-storage
CubeSmart Self Storage (Managed)
Ten written offers at 30 percent occupancy.
The deal at a glance
- Units
- 1,092
- Net rentable sq ft
- 96,872
- Written offers
- 10
- State
- Maryland
- Seller profile
- Private national self-storage developer, repeat client
- Buyer profile
- Private family office
The asset. Gen IV Class self-storage property built entirely from shipping containers using a patented design.
The transaction
What actually happened.
Oakside sold a 96,872 NRSF shipping-container storage facility in the Baltimore MSA at 30 percent occupancy during a rate spike. Ten written offers came in with 25 percent spread top to bottom.
- 01
The challenge
The property came to market in summer 2022 at 30 percent physical occupancy, still in early lease-up, discounting heavily against projected stabilized rents while interest rates climbed. The buyer pool priced it all over the map.
- 02
What Oakside did
Oakside worked with the developer on timing the release during early lease-up, then ran a competitive process to find the group most comfortable underwriting a patented shipping container design.
- 03
The outcome
Ten written offers, with 25 percent pricing variance from top to bottom. The winning group already had a presence in the market.
The seller
They sold in early lease-up, at 30 percent occupancy.
Josie H., on the sale of the CubeSmart-managed facility in White Marsh, Maryland.
In their words
I am happy to say that through their efforts we were able to achieve a 2x higher return on our investment than our expectation.
Josie H.
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Pre-Sale Strategy Session
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A confidential call with Oakside's founders. We narrow the seven deferral structures beyond the 1031 to the two or three that fit your facility, and run the number you actually need after closing.