12A — January 11 - 24, 2019 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
Teresa Loomis sells 150 units totaling $875,000 Investment Real Estate, LLC announces sale of Nandua Mini Storage in Tasley, VA
ASLEY, VA — I nvest- ment Real Estate, LLC announced the sale of Nandua Mini Storage for $875,000 to a first time, self storage investor. Nandua Mini Storage is located on Taylor Rd. in Tasley. The property is just off Rte. 13 on the Eastern Shore of VA. It is comprised of seven concrete block and metal build- ings and was built in 1989. The facility consists of more than 150 traditional drive-up storage units, including 18 temperature controlled units, with an on-site rental office. T
The property also features a rental apartment for addi- tional revenue. The facility sits on ten acres of commercial zoned land which offers space for future expansion. Nandua Mini Stor- age was developed and main- tained by the seller at the high- est level since the property’s inception, leaving no deferred maintenance for the buyer. Property amenities include security cameras, exterior and interior lighting and gravel driveways. The facility has a seasonal occupancy between 85% and 95%. George Hatchard , broker- age advisor for Investment Real Estate, said, “I so enjoyed working with Teresa during this transaction. She present- ed her property in excellent condition, then followed that with an openness to buyers, making them feel welcome. By closing day, I felt like we became much more than bro- ker and client. We became friends. I was so happy to see her face on closing day, a hap- piness that didn’t need words to explain.” Here are some of the ob- stacles that Investment Real Estate had to overcome during the course of this transaction: Obstacle 1. The Eastern Shore of VA has low household statis- tics, with seasonal population spikes. 2. The buyer was a first-time self storage investor. 3. The buyer planned to use an SBA loan product, which ultimately was rejected due to an on-site rental. Solution 1. Using historical data for occupancy at the facility, we were able to show the buyer stabilized value as well as suggest areas of opportunity at the facility. 2. The seller spent extra time with the buyer at the facility, explaining operations and op- portunities. 3.BB&Twas able to fund the loan without the SBA guaran- tees, having been the seller’s bank for 30 years. The seller, Teresa Loomis, said, “George Hatchard and the IRE company are amaz- ing! Very knowledgeable of the storage industry. I would high- ly recommend them. George was always looking out for me and available if I needed him for anything during the pro- cess. Nothing but the best”!
Nandua Mini Storage
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