Ballston Spa, NY Nick Malagisi, SIOR of Buffalo, and Hans Hardisty, CCIM of Poughkeepsie, advisors on the SVN National Self-Storage Realty Team, have sold an 85,375 s/f self-storage facility in Saratoga County for $7 million. The facility was owned by a subsidiary of storage Real Estate Investment Trust (REIT) Extra Space, and was sold to a private equity firm from Philadelphia.
The property is all single story, with 14 pre-engineered steel buildings, comprising 691 rental units. The facility was stabilized and enjoyed consistent occupancy north of 90%.
According to Malagisi, “We were pleased to help sell this asset for $90 per rentable s/f, which is a strong value for this Upstate NY market.” Malagisi serves as national director of self-storage and senior advisor for SVN Commercial Real Estate Advisors.
“This well-run facility sold for a market capitalization rate of 6.7% in a tertiary marketa,” said Hardisty, who serves as managing director and national investment advisor of the SVN Self-Storage Council. “There were very few obstacles to overcome during due diligence & it was a pleasure working with both the buyer and the seller on this transaction process,” he said.