CBRE’s Self Storage Advisory Group has announced the successful $43.55 million sale of a three-property self-storage portfolio to Wentworth Property Company. Representing the seller, Gwinnett Self Storage, CBRE’s team facilitated a transaction that included 242,500 square feet of self-storage space across 1,912 units located at 2600 Lawrenceville Highway in Lawrenceville; 1475 Grayson Highway in Lawrenceville; and 3950 Five Forks Trickum Road in Lilburn. At the time of sale occupancy was 94 percent.
Nick Walker, Vice Chairman at CBRE noted that “even during this challenging period for commercial real estate investment sales activity remains strong for preferred product types like self storage.” He added “Georgia and other sunbelt states have continued to attract buyers from all over due to their tremendous population growth – this portfolio being no exception.” Morgan Windbiel Senior Vice President at CBRE further commented on how “this transaction is indicative of investor confidence despite current market conditions”.
