24/7 Store It Buys North Carolina Facility
The acquisition was financed through a $1.4 million loan.
Taylor’s Linden Mini Storage
An entity linked to 24/7 Store It has acquired Taylor’s Linden Mini Storage, a 265-unit self storage facility in Linden, N.C., for $2.5 million, according to Cumberland County records. The same source shows that the acquisition was financed by a loan in the amount of $1.4 million, originated by Southern States Bank. Midcoast Properties worked on behalf of the seller, a private individual.
The self storage facility is located at 10899 Ramsey St. and consists of 35,352 rentable square feet, equipped with drive-up units and an on-site rental office. Built in 1997, the seven-building facility underwent a 9,200-square-foot expansion this year that added more climate-controlled units. Amenities include driving aisles, security cameras, vehicle, RV and boat parking.
The asset is situated on a 10.4-acre lot, 2.4 miles from Linden, 8.9 miles from Goodyear Tire & Rubber plant, one of the area’s major employers, and 23.2 miles from Fayetteville Regional Airport. The property is located 10 miles north of Fayetteville and 49 miles south of Raleigh.
Taylor’s Linden Mini Storage was nearly fully occupied at the time of the sale. Midcoast Properties’ Hal H. Tanner III worked on behalf of the seller.
Self storage markets in the South and Southeast remain strong, with record rent growth. Earlier this year, KKR acquired a 117,405 square feet facility in Charlotte, for $21.8 million.
