The Challenge
The Burris family successfully developed the “Store and Go” portfolio, consisting of four Class A self-storage facilities—a mix of ground-up developments and high-quality conversions in the booming market of Beaufort, SC. As the facilities neared completion, they received multiple off-market offers at the Certificate of Occupancy stage. However, the Burris family chose to hold onto the portfolio, leasing up the properties themselves to capture the full stabilized value.
Fast-forward a few years—leasing was going well, but the economy took a sudden turn. Cap rates increased significantly, and the valuation landscape changed. The initial offers were no longer on the table, and market conditions had shifted dramatically.
Action
Moshe and the Grandstone team, led by Meir Perlmuter, were brought in to sell the portfolio. We developed a tailor-made marketing approach to capitalize on the progress made, despite the challenging market conditions. Our strategy included an aggressive, shortened marketing period and a high-quality campaign to maximize exposure and attract competitive offers.
Within three weeks of listing, we generated multiple offers, with two standing out. Through strategic negotiation, we secured favorable terms for one of the facilities, which was the most stabilized of the portfolio. We successfully executed a Letter of Intent (LOI) and signed a Purchase and Sale Agreement (PSA) shortly thereafter.
During due diligence, a tax issue arose. Thanks to our team’s industry expertise, we facilitated a compromise that satisfied both the buyer and seller, leading to a successful closing.
If you are considering selling your storage facility, I highly recommend the team at Grandstone. Moshe presented a very strategic and tailored marketing plan that aligned with our goals. Through his efforts, we received multiple written offers. The Grandstone team’s communication skills, knowledge of the self-storage industry, and dedication to our success were evident. I’m extremely pleased with the outcome and would recommend Moshe and Meir without hesitation. Thank you!
