Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBUS, OH-Incorporated Investments Inc., based in Dayton, OH, has sold the seven-property Storage Inns of America portfolio to an unnamed Mishawaka, IN-based investment group for $18.8 million. The properties, totaling more than 3,500 units in about 418,020 sf, are in Columbus and the surrounding suburbs.

The sale had a cap rate of 5.16%, according to a Marcus & Millichap report. According to the seller’s Web site, in just an eight-year period, occupancy levels at the properties have increased 10.1% to a 88.5%. Based on recent REIT estimates, rate increases are at a very comfortable 5% per year, said the seller, with minimal tenant turnover costs and little ongoing capital expenditures.

Michael Mele, a VP of investments in the Tampa office of Marcus & Millichap, and Adam Schlosser and Brett Hatcher, investment specialists in the firm’s Columbus office, represented the seller. Sean Delaney and Jesse Luke with Marcus & Millichap’s Oak Brook, IL office, represented the buyer. “By adding this portfolio to its existing holdings, the new owner has obtained a large percentage of the Columbus self-storage market, Schlosser said in a statement. A Marcus & Millichap official did not return a request for comment.

Each of the single-story, self-storage properties are similar, with standard drive-up, interior climate control, steel or brick exterior, metal framing, steel roof and concrete slab. The portfolio includes facilities in Columbus including the 608-unit property at 1330 Georgesville Rd, a 520-unit facility at 5199 Westerville Rd., a 460-unit property at 5301 E. Tamarack Circle, and a 426-unit facility at 580 E. Dublin-Granville Rd. in Worthington, OH.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.