Atlanta, GA – Mike Patterson, CCIM, of Commercial Realty Services of West Georgia, has recently closed four self storage transactions in Georgia and believes that self storage investment capital seems to be shifting away from the primary markets and toward secondary and tertiary market areas in the Southeast. This is proven out by four Argus affiliate sales in Georgia totaling $5,521,000 since February 2018. Three of the four were in tertiary rural markets and the fourth was in Carrollton, a small secondary market within the Atlanta MSA. The strongest price came from the sale of Patterson Storage (no relation to broker) in Jackson, GA, a small town approximately 50 miles south of Atlanta. The stabilized 49,000 RSF facility on 5 acres, closed at a 7.25% CAP on May 10th. The other three facilities, 29,000 RSF in Danielsville, GA, 26,000 RSF in Rockmart, GA, and 11,000 RSF in Carrollton, GA, all closed at CAP rates between 9.5 and 11. All were stabilized facilities with good occupancy stats. Small to medium size facilities in secondary and tertiary markets continue to draw strong interest from both individual investors with SBA money and private equity funds looking to grow a diverse portfolio of storage investments. According to Patterson, “Now is a great time for owners in smaller markets to sell quality product.”
Mike Patterson, CCIM is the Argus Self Storage Sales Network broker affiliate representing the state of Georgia. He can be reached at 770-301-1886. Based in Denver, Colorado, the Argus Self Storage Sales Network (ASSSN) was formed in 1994 to assist owners and investors of self-storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self-storage and income property investments. Now the largest self-storage brokerage network in the United States, the ASSSN has 36 Broker Affiliates covering nearly 40 markets. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit www.argus-selfstorage.com.
