Mt. Kisco, NY Nick Malagisi, SIOR and national chair of the SVN National Self Storage Team and his colleague Hans Hardisty, CCIM, senior advisor and managing director, recently assisted the sale of the Planet Self Storage facility in Mt. Kisco, NY for $10.5 million.
The facility includes four, two-story buildings consisting of 32,500 s/f and 350 units operating at 92% occupancy. Malagisi and Hardisty represented both the sellers and buyers in the transaction.
“This is another example of out-of-state investors purchasing self storage facilities,” said Malagisi. “In fact, 80% of SVN investment sales are from out-of-state buyers, which reaffirms the value of our robust national platform and the local market expertise that connects buyers and sellers with the latest, most critical information in a rapidly evolving market.”
The 35-year-old facility was owned by the family of the original developer and the buyer is a top 20 self storage operator from California.
The facility sold for $1 million over the asking price with competitive bidding.