Manchester Township-based Investment Real Estate LLC, the largest owner of self-storage units in the midstate, recently brokered the $3.6 million sale of a storage facility in Delaware for other investors.
Investment Real Estate worked with the former owner of the Storage Sense facility in Townsend, Del., to improve the value of the site over the last 18 months and connect him with a private investor to buy it.
“The property had at one point been a nice self-storage facility but the previous owner fell on hard times and the facility fell into disrepair,” said Kevin Bledsoe, vice president of brokerage for Investment Real Estate. “The seller was left with a storage facility that needed some attention to bring it back to life.”
Site improvements included a perimeter fence with an electronic access gate, asphalt and gravel driveways, exterior lighting and third-party property management.
The renovations nearly doubled the value of the site, according to Investment Real Estate, which got involved in 2015. Terms of its commission were not disclosed. The company is a leading broker of self-storage facilities in the Mid-Atlantic and Northeast U.S.
Storage Sense has six single-story buildings with more than 65,000 square feet of self-storage space. Plus, there is room to expand the facility, which helped attract a buyer.
Investment Real Estate, which owns Moove In Self Storage, recently spent $5.2 million to buy self-storage facilities in Lancaster County.