U-Haul Acquires 425-Unit Self-Storage Facility in Chapel Hill
- May 30, 2012
by Adriana Pop, Associate Editor
U-Haul Company of Raleigh has expanded its network of self-storage locations with the purchase of an existing storage facility in Chapel Hill. Financial terms of the transaction were not disclosed.
The new U-Haul Moving and Storage of Chapel Hill, formerly known as Ironclad Self Storage, features more than 425 storage rooms, and approximately 41,500 square feet of net rentable space.
Located at 102 Vickers Road, the facility will showcase 24-hour security with electronically controlled access, digital video surveillance and climate-controlled indoor space. Customers will have the opportunity to purchase environmentally friendly packing supplies such as boxes made out of recyclable materials, 100 percent biodegradable packing peanuts, and moving pads made from recycled denim.
The Triangle Business Journal reports that the company plans to add new services such as boat and RV storage facilities, and the possibility for customers to rent portable storage containers. According to president Paul Smedberg, the acquisition marks U-Haul’s first storage presence in Chapel Hill.
In other news, a Charlotte real estate investor group led by former state Sen. Robert Pittenger has purchased the 154-acre Hidden Valley Golf Course in southern Wake County for $1.7 million.
Before closing in 2008, the golf course had operated for more than 30 years. Owner John Wells, who could no longer afford to keep it open, sold the club to Hidden Valley Development of Wilmington Corp. for $7 million. As the investment group was unable to pay the loans, Capital Bank of Raleigh took ownership of the property in 2010.
According to the Triangle Business Journal, Vanguard Properties of the Carolinas LLC, another entity controlled by Pittenger, purchased the land from the bank for $1.7 million on May 9 2012. On the same day, the property was sold to Pittenger’s Raleigh-Highway 55 LLC investment group for the same amount.
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