Arcland Property Co. has acquired two self storage facilities, totaling approximately 281,000 rentable square feet, for $112.8 million from a private owner, Yardi Matrix data shows.
Situated in Kensington, Md., and Alexandria, Va., the two properties are managed by Self Storage Plus and offer a combined 3,100 units.
The sale is one of the largest self storage transactions in the Mid-Atlantic, according to prepared remarks by Anthony Piscitelli, senior vice president of Investments at Arcland.
The largest facility, comprising 168,750 rentable square feet, sold for $76.3 million and is subject to a loan originated by EagleBank, according to Yardi Matrix. Completed in 1986, the property encompasses four three-story buildings across 3.6 acres and offers non-climate controlled and climate-controlled units ranging from 35 to 300 square feet. On-site amenities include 24-hour video surveillance, gated and drive-up access and elevator-accessible units. The facility is located at 3700 Plyers Mill Road in Kensington, Md., and is one of the 11 properties available within a 3-mile radius, offering residents 4.8 rentable square feet per capita.
The second property offers 107,207 square feet and sold for $36.5 million. The asset is subject to a $26.6 million loan originated by EagleBank, the same data provider shows. The facility encompasses 10 buildings across 9 acres and offers units ranging from 25 to 400 square feet. On-site amenities include 24-hour video surveillance, boat and RV parking and drive-up access. The asset is located at 4551 Eisenhower Ave. in Alexandria, Va., and is one of the 18 properties available within a 3-mile radius, offering residents 7.1 rentable square feet per capita.
Metro Washington storage market
Yardi Matrix data shows that, as of November, four properties traded in the Washington D.C. market year-to-date, ranging from 22,308 to 225,000 square feet, with 19 properties in various stages of development, set to add roughly 1.6 million rentable square feet to the existing inventory.
Across the country, there were 4,306 properties in the development pipeline as of September, with the national planned supply accounting for 10.6 percent of the total stock.
