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Tag: self storage

Retail, self-storage property sells in Frederick

A retail building and self-storage facility in Frederick County have been sold for just under $4 million, Cushman & Wakefield | Thalhimer announced earlier in May.

Frederick Pike Holdings LLC purchased the 21,322-square-foot retail building and 27,000-square-foot self-storage facility from Winchester Capital Group Inc. as an investment for $3,943,700. The properties are located at 118 Fairfax Pike in Stephens City.

Jamie A. Scully, of Cushman & Wakefield | Thalhimer, handled negotiations on behalf of the seller.

 

Investment group acquires self-storage complex in Va. Beach

Norfolk-based Cohen Investment Group, a commercial real estate investment company, has acquired Castleton Commerce Center, a 390,380-square-foot self-storage complex in Virginia Beach, from Prime Storage.

The complex, at 2424 Castleton Commerce Way, is one of 11 storage properties Cohen Investment Group acquired through five acquisitions this year, according to Eastern Union, which secured $58.15 million in bridge financing for the property.

While the specific purchase price was not disclosed, a spokesman for Eastern Union said it is estimated to be “in the low $80 million range” and includes both the real estate and “certain components of the business.”

David Merkin, managing director of Eastern Union’s mid-Atlantic group, secured the financing.

Fairfax-based Peterson Cos. opens self-storage division

Fairfax-based real estate company The Peterson Cos. has formed a self-storage division, the company announced Monday.

It is the company’s first new division in more than 35 years and Jim Mertz will run it, the company said in a news release. Mertz joined Peterson Cos. in 2015 to lead the development effort for Promenade at Virginia Gateway and the region’s first Cabela’s store in Gainesville.  In addition, he is responsible for the development of TopGolf and IFly at Commonwealth Center and opened Peterson’s first self-storage facility in Loudoun County.

Peterson Cos. opened its first 136,000-square-foot self-storage facility in Ashburn in 2018, followed by a 132,000-square-foot facility in Gainesville and a 110,000-square-foot facility in Stafford. All three are managed by CubeSmart.

“The self-storage industry is experiencing tremendous growth right now and demand for self-storage in the greater Washington, D.C. region is at an all-time high,”Jon Peterson, CEO of Peterson Cos., said in a statement.  “With three operating facilities and several more in the pipeline, the time was right to create a dedicated division focused on growing our self-storage portfolio and Jim was the perfect choice to lead this effort.”

Last week, the company broke ground on a facility in Maryland expected to open in 2022.