CubeSmart Self Storage Facility Trades
Completed in 2019, the property has 402 climate-controlled units.
Cohn Corp. has completed the sale of a 402-unit self storage facility in the Lexington suburb of Columbia, S.C. Midcoast Properties President Dale C. Eisenman negotiated the transaction on behalf of the seller.
The former owner completed the facility in 2019 and tapped CubeSmart as property manager. According to Yardi Matrix data, the development was financed with a $4.5 million loan provided by South State Bank in 2018.
The facility spans approximately 55,500 rentable square feet across a four-story building at 1120 Old Cherokee Road. All units are climate-controlled, ranging from 25 to 300 square feet.
Located in a residential neighborhood some 15 miles west of Columbia, the asset is one of seven facilities within a 3-mile radius. It is also the only self storage property delivered in the area over the last decade, Yardi Matrix data shows.
It is unclear whether CubeSmart will continue to manage the property under the new owner, an out of state investor, but the facility is no longer listed on the company’s website.
Earlier this month, CubeSmart completed the disposition of a seven-property portfolio in Houston. The facilities were acquired by Blackstone-owned Simply Self Storage.