Affiliates of the Argus Self Storage Network, which has 36 broker affiliates in nearly 40 markets, brokered three self-storage sales in October.
Joan Lucas of Joan Lucas Real Estate Services LLC represented the seller of Federal Heights Self Storage in Federal Heights, Colo., just outside of Denver. The property sold on Oct. 18 to a local investor at a capitalization rate of 7.8 percent. Lucas was asked by the seller to price the property so it would sell in six months, and the strategy was successful as the final contract price of $1,020,000 was well above the listed price. The property consists of 44,000 square feet plus a 1,600-square-foot managers residence. Lucas is the Argus broker affiliate representative for Colorado.
Richard Minker and Tyler Trahant of CASE Commercial Real Estate Partners represented the seller of A Plus Western Center Self Storage in Fort Worth, Texas. The 28,685-square-foot facility sold on Oct. 26 for an undisclosed price. The property also includes an additional 1.5 acres of undeveloped land on the front of the property. Minker and Trahant are the Argus broker affiliates for North Texas.
Chris Hitler of Investment Real Estate Specialists represented the seller and the buyer of Bellevue Self Storage in Bellevue, Wis. The property sold on Oct. 27 at an 8.4 percent cap rate. The 51,450-square-foot property was completed in 2004 and offers conventional storage and office/warehouse space. The buyers, Suamico Mini Warehousing LLC, operate two other facilities in the area. Hitler is the Argus broker affiliate representative for the state of Wisconsin.
Based in Denver, the Argus Self Storage Sales Network was formed in 1994 to assist owners and investors of self-storage.