StorageMart Expands Baltimore Footprint
- Aug 24, 2021
StorageMart has acquired a 66,975-square-foot self storage facility in the Middle River suburb of Baltimore. The seller was Blue Ocean, according to Yardi Matrix data.
The asset last changed hands in 2019 when Blue Ocean acquired it from Vanguard for $10.5 million, the same data provider shows.
The new owner plans to invest in renovations at the 1991-built property, including upgrades to the lighting system, fencing and pavement.
Located at 3000 Eastern Blvd., on 14.5 acres, the facility encompasses seven single-story buildings. Units range from 25 to 300 square feet and offer drive-up access. The property also features RV and boat parking spaces.
The facility is less than 2 miles from Martin State Airport and some 13 miles east of downtown Baltimore. Five other self storage facilities are located within a 3-mile radius of the property.
Over the last three years, the self storage inventory in Baltimore increased by 14.6 percent, making for a 5.27 percent penetration rate, according to an Inside Self-Storage comparative analysis of Baltimore and Washington, D.C.’s neighboring self storage markets. Despite construction activity coming to a halt at the beginning of the year, the slowdown in supply is expected to improve rent rates, which are still recovering from last year’s downturn.
Washington, D.C., also experienced decelerated construction activity over the past few quarters. The market recorded no change in July over the previous month’s new-supply pipeline of 10.4 percent of existing stock, a recent Yardi Matrix report shows. Rent rates for 10×10 climate-controlled units increased by 15 percent year-over-year in July. Rents for non-climate-controlled units of similar size rose by 11 percent.
Furthermore, Washington, D.C., was among the top five markets for self storage transactions nationwide, with $169 million worth of facilities trading year-to-date through June.