CBRE’s Self Storage Advisory Group Announces $24.8 Million Sale of 816-Unit Self-Storage Facility in Chapel Hill, North Carolina
February 14, 2023
CBRE has announced the $24.8 million sale of an 814-unit, 76,051-sq.-ft. Extra Space Storage facility in Chapel Hill, North Carolina to Dallas, Texas-based Rosewood Property Company.
CBRE’s Self Storage Advisory Group represented the seller, Carolina Storage Partners, LLC, in the transaction.
“With strong demographics and growth in the market, this transaction showed that there continues to be robust demand for cash-flowing, well-located self-storage facilities from all types of investors ranging from large institutions and family offices to private equity and sovereign wealth funds,” said Nick Walker of CBRE’s Self Storage Advisory Group.
Located at 12330 US-15 501 North, the facility is situated directly on U.S. Highway 501, offering exposure to approximately 28,500 vehicles daily. It sits adjacent to nearby retail and to the Research Triangle Park and the University of North Carolina at Chapel Hill. The average household income ranges from $124,144 to $151,577 within a three- to five-mile radius.
“The property offered the buyer a rare opportunity to acquire an attractive self-storage facility in a highly visible location near the region’s top employers, residential communities, hospitals, and universities,” said Morgan Windbiel, Senior Vice President with CBRE in Atlanta.
The property includes climate-controlled units ranging in size from 20 sq. ft. to 300 sq. ft. and includes 67 Wine storage units.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.