DESOTO, KS-Emprise Bank of Kansas sold the 36,000-square-foot DeSoto Self Storage to CKC Properties LLC for an undisclosed price. The 257-unit facility, built in 2007, fell into foreclosure and became a bank-owned property about a year ago.
Located on 9520 Lexington Ave., the facility once operated under the name K-10 Self Storage because of its location near SH 10. Upon acquiring the property, the bank hired new management, improved the premises and increased occupancy until it became a viable business performing well. The facility is currently 68% leased.
“This property is in immaculate condition and has a well-balanced unit-mix,” comments Jon S. England, with Lee & Associates in Kansas City, who represented Emprise in the transaction. He tells GlobeSt.com that the location near SH 10, between Lawrence and the Kansas City metro areas, offers good potential upside for the new ownership. CKC is a local real estate investment group that owns several other self-storage facilities.
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