A Georgia-based firm recently purchased a self-storage facility on Carolina Beach Road.
Reliant Real Estate Management LLC of Roswell, Georgia, bought the 438-unit facility, 7275 Carolina Beach Road, from Inlet Watch Development LLC, according to a news release from Cushman & Wakfield.
New Hanover County property tax records show the sale price was $6.85 million.
John Cordova of Reliant Real Estate Management said in an email Thursday, "We decided to invest in Wilmington based on it fitting into our portfolio footprint of 53 properties across primarily the southeast U.S. and the unique position of this asset to absorb the demand in the market."
The name of the self-storage facility has been changed to Midgard Self Storage.
Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller.
“7275 Carolina Beach Road offers easy access to the region’s major thoroughfares, including heavily-traveled Market Street, Martin Luther King Jr. Parkway and John Jay Burney Jr. Freeway [Interstate 140],” Mele said in the release. “The property offers an opportunity for the new buyer to expand to accommodate and capitalize on the high demand for storage in the area.”
Built in 2018, the three-building property totals 63,550 square feet on 7 acres and was 90% occupied at the time of the sale.
Amenities include wide aisles, premium LED lighting, U-Haul rentals and a retention pond behind the facility.
Reliant Real Estate Management's entire portfoio includes 34,000 units and 4.5 million square feet.