Joseph Mendola of NAI Norwood Group, sold Seacoast Mini Storage in Seabrook, NH ro Curatolo Seabrook, LLC.
Bedford, NH – May 13, 2015 – (RealEstateRama) — Curatolo Seabrook, LLC., a private equity group, purchased Seacoast Mini Storage in Seabrook, NH. a suburb of Portsmouth, NH. and on the border of Massachusetts, for $5.8 million. The facility was previously owned by The Marilyn T. Imke Revocable Trust, who has developed this location over the past 30 years.
The property at 233 RT. 107 in Seabrook, NH. is located within one mile of Interstate 93 and Rt. 1 in Seabrook. The facility has 63,754 SF. of space and 55,270 sf. of rentable storage space with 583 units ( 152 are climate Controlled units). The site is 6.1 acres and it has 2 apartments on site. Seacoast Mini Storage is one of the top 10 largest self storage facilities in NH.
The facility been fully occupied and has a stable and growing cash flow. There is the potential for further income growth in this property. The demand for self storage in this area, and the country as a whole, has grown significantly in the last several years.
In an environment where investors are looking for consistent high yielding returns, self storage has provided that kind of returns to investors and should continue to do so going forward. This is why you see such great performance coming from the public real estate investment trusts. So the private equity investor community has also selected self storage , as an investment, to be added to their portfolios. This performance along with the very low cost of borrowing has made self storage a very attractive investment.
Joseph Mendola, Senior Vice-President of the NAI Norwood Group and the Argus Self Storage Sales Network representing the New England territory, represented the Seller in this transaction and assisted the buyer.
Argus Self Storage Sales Network