Mobile, AL ยท Self-storage
Extra Space Storage (Managed)
A new price per foot record in the Mobile MSA.
The deal at a glance
- Units
- 513
- Net rentable sq ft
- 76,120
- Offers
- Substantial national interest
- State
- Alabama
- Seller profile
- Regional private developer, repeat client
- Buyer profile
- Public REIT
The asset. Institutional big box conversion with a phase two expansion component delivered upon sale.
The transaction
What actually happened.
Oakside sold a big box conversion in Mobile, Alabama that hit 90 percent occupancy 11 months after opening and was pushing street rates 82 percent above the prior year. The sale set a new price per foot record for the Mobile MSA.
- 01
The challenge
Most of the value sat in an expansion still under construction, in a market whose growth story the buyer had to underwrite.
- 02
What Oakside did
Oakside positioned the asset with its expansion component and backed it with research into the Mobile MSA, including the $400 million downtown airport relocation and the growth projected for 2024 and 2025 at the Port of Mobile.
- 03
The outcome
Substantial national interest, and a new price per foot record in the Mobile MSA. The property had reached 90 percent physical occupancy 11 months after opening, with street rates up 82 percent year over year.
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.