Storage Star Buys Colorado Springs Facility

1 min read

The property came online in 2020.

Image courtesy of Darrin Moore via Unsplash.com

Storage Star has acquired BuxBear Storage, a 111,360-square-foot facility, in Colorado Springs, Colo. According to Yardi Matrix data, a private individual sold the 605-unit property for $12.9 million.

The sale was subject to a $7.5 million loan originated by Manhattan Life Insurance Co., the same data provider shows.

Investment specialists Brett Hatcher, Gabriel Coe and Nathan Coe in Marcus & Millichap‘s Columbus office represented the seller in the transaction.

The Class A property last traded upon its completion in 2020, for $8.6 million. It sits on 9.5 acres and includes eight buildings featuring a mix of 466 climate-controlled units and 139 non-climate-controlled units, ranging from 25 to 600 square feet. On-site amenities include gated access, video surveillance, drive-up access, self-service kiosks for customers and a management office.

Located at 1935 Aerotech Drive, the property is 8.5 miles from downtown Colorado Springs, 77 miles from Denver, and provides easy access to Interstate 25. The facility is one of the 26 available within a 3-mile radius, offering residents 18.4 rentable square feet per capita. Currently, there are nine properties in various stages of development across Colorado Springs, set to add 337,381 rentable square feet to the existing inventory, Yardi Matrix data shows.

Earlier this year, as part of a portfolio sale, two other self storage properties traded in the Denver-area, encompassing 72,141 and 60,321 rentable square feet, respectively.

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