Lakeland Village Pays $24M for Charlotte-Area Portfolio

1110 Brawley School Road. Image courtesy of CBRE

Lakeland Village has acquired a portfolio of two storage facilities, totaling 136,994 square feet, in Mooresville and Salisbury, N.C., in the Charlotte metro area. The assets, previously owned by private individuals, were sold for a total of $23.6 million.

Senior Vice President Morgan Windbiel of CBRE represented the seller. The facilities will operate under the Extra Space Storage brand.

The Mooresville asset is the largest, at 70,994 square feet, and was completed in 2020. The property last traded in May, for $12.3 million, according to Yardi Matrix data. The Class A 705-unit facility encompasses a three-story building on a 2-acre lot and offers climate-controlled units, ranging from 25 to 300 square feet. Located at 1110 Brawley School Road, the property is one of the eight facilities within a 3-mile radius, offering residents 16.6 rentable square feet per capita.

725 Jake Alexander Blvd. Image courtesy of CBRE

The Salisbury facility was completed in 2018 and offers 66,000 square feet. The deal closed with a second phase expansion delivered at certificate of occupancy. The 680-unit facility sits on 14.9 acres and offers climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include 24-hour video surveillance cameras, outdoor RV and boat parking, moving carts, covered loading bay and wide drive aisles. Located at 725 Jake Alexander Blvd., it is one of the eight facilities available within a 3-mile radius, offering residents 11 rentable square feet per capita.

Charlotte’s self storage market

In this largely active market, there are currently 40 properties in various stages of development, set to add approximately 2.3 million rentable square feet to the existing inventory, Yardi Matrix data shows. Charlotte rates for standard 10×10 non climate-controlled units were up 5.1 percent year-over-year as of July, while rents for the same size climate-controlled units were up 4.8 percent.

A few months ago, Barings formed a $250 million joint venture with Canvass Capital to invest in self storage properties north of Charlotte. Its first deal was the acquisition of three facilities and a development site for a 1,231-unit project.