Richmond Self Storage Changes Hands
Public Storage paid $4.5 million for the 331-unit property.
Chesdin Storage, a self storage facility in the Petersburg, Va., area has changed hands. Dinwiddie County records show that Public Storage has acquired the 45,850-square-foot property in North Dinwiddie, Va., for $4.5 million from a private owner.
Virtual Realty Partners, alongside Michael Morrison of Midcoast Properties Inc. represented the seller in the transaction.
The asset last traded in 2019 when the previous owner purchased the storage facility for $2.1 million and received an acquisition loan of $1.9 million, provided by Touchstone Bank, according to Yardi Matrix data.
Chesdin Storage was built in three phases, between 2002 and 2007. The facility encompasses four one- and two-story buildings across roughly 3.7 acres and offers 331 standard drive-up units and climate-controlled units. On-site amenities include video surveillance, gated access, contactless renting, truck rentals and RV and boat parking.
The property is located at 23150 Airpark Drive, 30 miles from Richmond and has access to Interstate 85. The facility is one of the three available within a 3-mile radius, offering residents 17.4 rentable square feet per capita. Yardi Matrix data shows that as of March, nine self storage properties traded year-over-year in the Richmond – Tidewater market, totaling 741,120 square feet.
According to the same data provider, Public Storage owns 48 assets in that same market, adding up to roughly 3.3 million square feet. The company, which last month made an unsolicited offer of $11 billion to acquire Life Storage, had interests in 2,836 self storage facilities in 40 states as of September 2022.