Self-Storage Sale in Colorado

 

Fort Morgan, CO —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, closed the portfolio sale of four self-storage properties in Fort Morgan, CO. The portfolio closed for $4,800,000. Matthews™ Associate Jackson Shanley and Senior Associate Ben Tracy handled the transaction.

 

In total, the four properties boast 88,302 rentable square feet and 503 units, all within a seven-mile radius. The occupancy rate at the time of sale was 90.28%. The sale also included developable land on County Road 19, enabling buyers to have development opportunities through their ownership to increase value.

 

“The sale included plenty of opportunity for the buyer to increase the properties’ value through development or lease up,” Shanley said. “The need for self-storage will only increase in the area as the Denver MSA continues to grow in population.”

 

The property was purchased by a national self-storage operator who was looking to expand their portfolio within the state. The buyer plans to continue to operate the facilities and increase profitability through facility enhancements.

 

Properties included in the portfolio include 17669 County Road 20, 318 East Railroad Avenue,1127 East Burlington Avenue, and 16308 County Road 19.For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.