Midcoast Properties has brokered the sale of two self storage facilities located in Elgin and Blythewood, S.C. The assets, formerly operating as StorNGo, traded to a national buyer.
The Elgin property came online in March of last year, while the Blythewood facility added four new buildings in 2019. The two assets sit on more than 11 acres and include climate-controlled interior and climate-controlled drive-up units, as well as non-climate interior and drive-up units. The properties also have video surveillance, personalized keypad entries, rental offices and RV parking.
Located at 860 Community Road, the Blythewood property is just off Interstate 77 and within 17 miles of Columbia, S.C. The Elgin asset, located at 811 Bookman Road, is 12 miles from the first facility.
Michael Morrison of Midcoast represented the seller in the transaction. In September 2020, Morrison brokered the sale of a five-facility portfolio encompassing 293,000 net rentable square feet spread across 1,976 non-climate-controlled and climate-controlled units in Alabama and Tennessee.
The self storage industry continues to remain strong during the pandemic, as heightened demand for space and a gradual slowdown in development activity will likely continue to put upward pressure on rental rates. In February, for the fifth month in a row, the national street rate performance was positive for both 10×10 non-climate-controlled and climate-controlled units.