Redding, CA – Ken Miller, of Northstate Commercial Partners, is pleased to announce the sale of Weed Mini-Storage. The facility sits on 1.7 acres and has 90 units offering 13,400 RSF of mini storage. Ken’s relationship with the owners of Weed Mini-Storage started two years before they actually listed the property. During that period, Ken kept them appraised of local rental rates using his network and proprietary resources. With this data in hand, the owners pushed their rates upwards while simultaneously increasing occupancy and cash flow. This effort allowed the marketing campaign to absorb the negative impacts of an unexpected 10x increase in a land lease renewal with UPRR (Union Pacific Railroad). Later the insurance markets began to raise rates to record levels. Interest rates were also pushing upward as each day passed. With some creative financing and a willing seller, they were able to hold the line on project value.
In essence, they turned back the clock to a pre-COVID market environment, which allowed the deal to close escrow at 95% of the asking price, despite the setbacks described above. The escrow closed on time and without a price reduction. Ken can share more details on his “turn back the clock” financing strategy. Please feel free to call his office at 530-768-1650. In the meantime, don’t forget the ABC’s of storage rental rates….. Always Be Climbing. When the time comes to sell, you’ll be glad you did and your family will be rewarded for your operational discipline.
Ken Miller is the Argus Self Storage Advisors broker affiliate covering Northern California, he can be reached at 530-768-1650.
Based in Denver, Colorado, Argus Self Storage Advisors 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, Argus 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.
