Success Story
CubeSmart Self Storage (managed)
White Marsh, MD
SELLER PROFILE
Private national self storage developer, repeat client
BUYER PROFILE
Private family office
PROPERTY PROFILE
Gen IV Class self storage property built entirely from shipping containers.
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Summary
- The developer constructed the property in 2021 utilizing a patented shipping container design.
- We strategized with our client to bring the property to market in summer 2022 in the early lease-up stage at 30% physical occupancy
- The leasing velocity was steady (3-4% per month) with significant discounting across all unit types relative to projected stabilized rents.
- This coupled with the rising interest rates a few months prior equated to significant variance across the entire buyer pool.
Results
- Our team overcame a rapidly rising interest rate environment to generate seven written offers with 25% pricing variance from top to bottom.
- Our competitive process yielded the strongest group with an existing presence in the market and comfortability with the patented shipping container design.