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Brookline, MA-based SSG Development LLC is selling a three-property portfolio–two recently completed facilities in South Florida and a third property in Bridgeport, CT. Mele said the portfolio is being sold on forward-looking numbers and expectations for future performance. HFF and NGKF Capital Markets are jointly marketing the 3,174-unit portfolio on behalf of the developer. Both of the Florida properties, completed in 2009, operate under the Extra Space Storage brand. The Miami facility, at 910 SW 68th Ave., features 959 units and 81,848 net rentable square feet, with physical occupancy at 76 percent and economic occupancy around 53 percent.
The Bridgeport property, at 2101 Commerce Drive, is under construction with completion set for 2014. The SSG portfolio is expected to draw several competitive bidders, in large part because of the high-quality construction and the locations within top-tier markets, according to Amber Hagopian, an associate director at HFF. In the case of the SSG sale, the lease-up risk associated with the newly constructed properties may be a deterrent for some buyers. One of the main challenges to selling the portfolio is that the facilities are older and are in smaller towns.
Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond.
Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead. The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. There are many reasons why Storage Rentals of America is the very best solution for your storage needs. Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Yet two sizable portfolios now on the market may provide fresh insight into just how discriminating today’s investors are in this sizzling market. The package, which also includes adjacent land that could accommodate future development or an expansion, is priced aggressively at $62.3 million. The portfolio of newly constructed properties is selling at a premium, despite the fact that lease-up still is going on.
SSG is a real estate investor and developer that specializes in self-storage facilities along the East Coast.
When finished, the six-story facility will encompass 1,138 units and 91,825 net rentable square feet. The portfolio includes land adjacent to the Miami and Connecticut facilities that could accommodate additional development.
The 25-property Storage Rentals of America portfolio, with 5,825 units in Kentucky and Ohio, has been on the market for six months.
This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. We strive to offer you clean, safe, secure and easily accessible storage for your valuable possessions. All three of the properties are Class A, fully climate-controlled facilities with high-quality construction. The Class C portfolio, which totals 731,875 net rentable square feet, is listed at $33.75 million.
Physical occupancy stands at 67 percent and an economic occupancy at 44.5 percent, according to sale documents.
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