Extra Space Storage (Managed)

Property Highlights 

• Class A Institutional Asset converted in 2020.
• 12,500 NRSF of non-climate storage recently developed (March of 2023).
• 2.5 acres of vacant land on the north side of parcel.
• McDonald’s signage (75 ft tall) located in the back parcel of the site. Signage generates an additional $10,000 in annual revenue.

Market Highlights 

• Nearly $200M allocated to Housing Developments in the Spartanburg County area.
• $850M dedicated to widen 1-85 in Cherokee and Spartanburg counties.
• Two major Industrial Parks under development -- Spartan Enterprise Park (3.3M Sq Ft) and $450M Fort Prince Industrial Park (720,000 Sq Ft).
• Over 3,000 new apartment units under construction in Spartanburg County.
• Visible from SC 9 (BOILING SPRINGS RD) TO SC 85 (INTERSTATE 85) - 63,200 VPD. 
• Over 1.5% positive population growth within 5M radius.
• No visible future developments within a 5M radius.

Financial Highlights 

• Property achieved physical and economic stabilization within 14 months of operation.
• Converted in the fall of 2020 and stabilized in 
  November 2021.
• Achieved rents have increased 15% from Dec 2021 to Dec 2022. 
• Opportunity to capture over $22,000 per year in tenant insurance revenue. 
• 92% physical occupancy prior to recent expansion.

Location