Boiling Springs, SC ยท Self-storage
Extra Space Storage
An investor return on a two-year hold.
The deal at a glance
- Units
- 506
- Net rentable sq ft
- 67,720
- State
- South Carolina
- Seller profile
- Private regional partnership that had owned the property for only two years
- Buyer profile
- Private 1031 cross-over buyer from the mobile home park asset class
The asset. Shopping mall conversion with second floor mezzanine, physically stabilized, plus a Phase II multi-story self-storage building delivered at certificate of occupancy.
The transaction
What actually happened.
Oakside sold a 67,720 NRSF shopping mall conversion in Boiling Springs, South Carolina by timing marketing to a Phase 3 delivery. The buyer was a mobile home park owner in a substantial 1031, and the seller partnership exited after two years.
- 01
The challenge
The property was fully stabilized physically but needed rent roll churn to reach submarket rents, and a Phase 3 expansion was mid-delivery.
- 02
What Oakside did
Oakside met the partnership on site several times to settle the disposition strategy, then timed the marketing release with the Phase 3 delivery so every unit was rentable throughout the marketing period.
- 03
The outcome
A return delivered to the investor partnership after only two years of ownership, freeing the funds for future projects. The buyer was a cross-over group from the mobile home park asset class in a substantial 1031.
The seller
In his words, they hit it out of the park.
Arthur Long, a former owner of Extra Space Storage in Boiling Springs, South Carolina.
In their words
In my mind, they hit it out of the park for us and it was an absolute pleasure to work with them throughout this process.
Arthur Long Former owner, Extra Space Storage, Boiling Springs, South Carolina Arthur Long recorded this after the partnership exited. He describes a team that came back to the property again and again before they had the listing, working out where value could still be added.
What he credits for the result is the preparation behind the marketing rather than the marketing itself: the modelling, the process, and the network it was taken to.
In their words
Their team visited the property many times to understand every detail and strategize on where they could add the most value for us.
Arthur Long Meticulous analysis and modeling, comprehensive marketing process and extensive network gave us confidence that they were the right team to represent us in our disposition.
Arthur Long I would highly recommend any storage owner out there looking to sell their property to work with Cameron and Oakside.
Arthur Long Related transactions
More of the record.
Pre-Sale Strategy Session
Want this outcome for your facility?
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.