Bruce Bahrmasel is pleased to announce the sale of Northway Storage located in Merrill, Wisconsin. The facility offers over 27,000 rentable square feet of storage and sits on over 24 acres of land. Northway Storage had multiple offers early on after coming to market. The successful bidder made a strong full price cash offer that the seller found compelling, he was a first-time self-storage buyer eager to get into the business. The transaction from start to finish, offer to closing, took around two months. The facility had been well-run in the past and with some modifications the buyer is confident the facility could sustain substantial growth.
The seller who was ready to retire, ran Northway Storage as a classic Mom and Pop enterprise, without management software, a website or many of the features the new owner will implement. Additionally, there is acreage for the new owner to increase rentable square footage to the existing facility that was always at, or near 100% occupied.
Bruce Bahrmasel is located in Chicago, IL and is the Argus Broker Affiliate for Northern Illinois and Wisconsin.
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.