Savannah, GA · Self-storage
Extra Space Storage (Managed)
12 written offers. No price reductions.
The deal at a glance
- Units
- 740
- Net rentable sq ft
- 76,929
- Written offers
- 12
- State
- Georgia
- Seller profile
- Regional private developer, repeat client. Oakside had represented them in two previous transactions.
- Buyer profile
- Institutional private equity firm based out of Charlotte, NC
The asset. Class A institutional multi-story self-storage with a drive-thru feature and a parcel earmarked for expansion.
The transaction
What actually happened.
Oakside sold a 76,929 NRSF, 740-unit Class A multi-story facility in Savannah for a repeat developer client, producing 12 written offers with 30 percent spread. The deal closed with no price reductions despite an adjacent-lot and turn-lane issue.
- 01
The challenge
Two problems surfaced in the middle of the process: an adjacent lot, and a proposed turn lane that would affect the property.
- 02
What Oakside did
Oakside presented the asset on its outperformance against the market, ran a full competitive process, and drew on a relationship built across two prior transactions with the same developer to hold the deal together through the entitlement issues.
- 03
The outcome
12 written offers, with roughly 30 percent variance across the market. Three groups separated themselves. The deal closed with no price reductions.
In their words
Since we had closed with all three groups previously, it really came down to putting our seller in the best possible position to see this through for the partnership.
Cameron Vale, President Related transactions
More of the record.
Pre-Sale Strategy Session
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