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12/09/21
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Northwest Building LLC, one of the Puget Sound’s largest commercial real estate development, investment, and management firms, bought a portfolio of two self-storage facilities in the Northern Nevada markets of Reno and Sparks for $17 mil. The assets were sold by Extra Self Storage.
The properties, located at 30 East Victorian Avenue in Sparks, and 10650 South Virginia Street in Reno, constitute 98.6k sf of rentable storage space across 914 storage units. These two assets had an average occupancy of just over 93% at the close of escrow, which reflects the incredible demand for self-storage space in Northern Nevada.
The sale price of $17 million equates to $172.48 per rentable square foot and $18.6k per unit at an approximate 4% cap rate based on projected 2021 net operating income. Tom de Jong and Dana Chobor of Colliers’ Self Storage Group represented the seller in the transaction.
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