Success Story
Extra Space Storage (Managed)
Mobile, AL
SELLER PROFILE
Regional Private Developer, Repeat Client
BUYER PROFILE
Public REIT
PROPERTY PROFILE
Institutional big box conversion with a phase two expansion component delivered upon sale.
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Summary
- The existing property featured 36,000 NRSF of premium climate controlled space with an additional 30,000 NRSF under construction resulting in over $719k in additional GPR.
- The subject property achieved 90% physical occupancy 11 months after opening.
- The subject property was achieving street rates significantly above anything else in the market due to the competition consisting of mostly older inferior product—an 82% increase year over year.
- Our team leveraged extensive research into the Mobile MSA leaning into $400M downtown airport relocation and a massive growth projected slated for 2024/2025 at the Port of Mobile.
Results
- The Oakside Advantage strategically positioned the asset with the upcoming expansions to generate substantial national interest.
- Our client was thrilled with the result and we were able to set a new price per foot record in the Mobile, MSA.