SVN Storage Realty's Team Sells $7,000,000 Facility in Saratoga County, NY
Nick Malagisi, SIOR (Buffalo, NY) and Hans Hardisty, CCIM (Poughkeepsie, NY), advisors on the SVN National Self-Storage Realty Team, successfully sold an 85,375 square foot self-storage facility in Ballston Spa, Saratoga County NY for $7,000,000.
The property is all single story, with 14 pre-engineered steel buildings, comprising 85,375 gross SF (77,965 Net SF), and 691 rental units. The facility was stabilized & enjoyed consistent occupancy north of 90%.
According to Nick Malagisi, "We were pleased to help sell this asset for $90 per rentable square foot, which is a strong value for this Upstate NY market". Malagisi serves as National Director of Self-Storage and Senior Advisor for SVN Commercial Real Estate Advisors.
"This well-run facility sold for a market capitalization rate of 6.7% in a tertiary market", according to Hans Hardisty, CCIM, MBA. Hardisty serves as Managing Director and National Investment Advisor of the SVN Self-Storage Council. He went on to say, "There were very few obstacles to overcome during due diligence & it was a pleasure working with both the buyer and the seller on this transaction process. "
About SVN® The SVN Brand was founded in 1987 out of a desire to improve the commercial real estate industry for all stakeholders through cooperation and organized competition. The SVN® organization is comprised of over 1,600 Advisors and staff in 200+ offices across the globe. Collectively, SVN had more than $11 Billion in transactions last year. Geographic coverage and amplified outreach to traditional, cross-market and emerging buyers and tenants is the way SVN achieves maximum value for our clients.
About the SVN National Self-Storage Team: The SVN National Self-Storage Team is an elite group of commercial real estate investment brokers specializing in the marketing, sale, disposition and acquisition of self-storage assets throughout the United States. Our national platform provides coast-to-coast coverage while maintaining the national branding and professionalism our clients have become accustom to. We utilize local market expertise to provide buyers and sellers with the most critical and up-to-date information in any specific market to strengthen the transaction process. By leveraging the appropriate Self-Storage Advisor in each market, we create an unprecedented synergy for our clients.
Learn More at: http://svnhcr.com/