South Carolina Storage Facility Changes Hands
The 547-unit property was completed in 2019.
Moncks Corner storage facility. Image courtesy of The LeClaire-Schlosser Group of Marcus & Millichap
CubeSmart Self Storage, a 66,875-square-foot facility in Moncks Corner, S.C., has changed hands. Regional storage developer Tridas Properties sold the asset to a Philadelphia-based, privately held self-storage investment company.
According to Berkeley County records, the facility traded for $11 million and Skymar Capital Corp. provided an $8.9 million loan for the deal. Yardi Matrix data shows that the property was subject to a $4.4 million construction loan in 2017, originated by United Community Bank.
Investment Associate Ian Lindahl and Senior Vice President Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap marketed the 547-unit property for the seller and procured the buyer.
Completed in 2019, the Class B facility comprises eight buildings on 6 acres of land and features 263 climate-controlled and 247-non-climate-controlled units, ranging between 25 and 300 square feet. In addition, the property has 37 outdoor parking spaces and offers grade-level loading and unloading. On-site amenities include 24-hour video surveillance, electronic gate access and automatic lights on individual timers.
The property is located at 2560 US-52 Moncks Corner, 26 miles from Charleston, S.C., with access to Highway 52 and in proximity of Interstate 26. The asset is one of the four self-storage facilities available within a 3-mile radius, offering residents 21.5 rentable square feet per capita. Yardi Matrix data shows that 12 properties traded in Charleston year-to-date, totaling 811,825 square feet.
Earlier this year, another South Carolina self storage asset changed hands. REA Investments was the seller of the 63,690-square-foot, recently completed facility in Pendleton.
