Highline Storage Partners has acquired Heartland Drive Self Storage, a 68,219-rentable-square-foot storage facility in Kernersville, N.C. The asset was sold by a private individual and traded for $12.8 million, according to Forsyth County records.
The recently completed property was previously subject to a construction loan of $6.3 million in 2021, provided by Live Oak Banking Co., Yardi Matrix data shows.
The Class A facility encompasses a four-story building sitting on 2.1 acres and features 557 climate-controlled units. On-site amenities include rental office, Noke Smart Door and access controls, two elevators, video surveillance and alarms and exterior wall-pack LED lighting.
The property is located at 1410 Heartland Drive, 14.6 miles from Winston-Salem, 18 miles from Greensboro and has access to Interstate 41 and U.S. Highway 421. The facility is one of the 13 available within a 3-mile radius, offering residents 19.8 rentable square feet per capita. According to Yardi Matrix data, the Winston-Salem – Greensboro market had 21 self storage properties in the supply pipeline in various stages of development as of April, set to add more than 1 million square feet to the existing inventory.
Michael Morrison with Midcoast Properties represented the seller in the transaction. Midcoast Properties previously worked on behalf of the seller in another North Carolina storage asset transaction. An entity linked to 24/7 Store It acquired a 265-unit facility in Linden, N.C.
This piece has been updated on April 11, 2023, to correct an inaccuracy. The price of the property was $12.8 million, not $25.5 million.
