The Challenge
Meir Perlmuter and his team were engaged to sell Anderson Lock Up, a long-held self-storage facility owned by a couple who had recently transitioned to a snowbird lifestyle in the South. Managing the property from a distance was increasingly challenging, and although they had received multiple off-market offers, they sought a competitive sale environment with strong representation to maximize their asset’s value. Adding complexity, a large publicly traded mobile home park operator owned the neighboring property, emphasizing the need for a well-structured sale.
Action
Meir’s team thoroughly prepared by compiling detailed historical reports, capturing professional photography, and crafting high-quality marketing materials. They then implemented a targeted marketing strategy, reaching over 4,000 potential storage buyers across local, regional, and national markets.
The Result
Within a short period, the team received multiple Letters of Intent (LOIs). UMH was ultimately selected as the ideal buyer due to their market knowledge, financial capability, and ability to close swiftly. Through strategic negotiations, Meir secured a favorable deal for the sellers, and the transaction closed smoothly at $1.8 million with a 6.6% cap rate—an impressive outcome for a tertiary market.
