Leitbox Acquires Self-Storage Facility in North Carolina

Leitbox Storage Partners, a sponsor of private placement investments, announced its acquisition of a self-storage facility in Kernersville, North Carolina.

The property has 552 units totaling 77,077 net rentable square feet and is 98.9% leased.  Leitbox purchased the property for $10.3 million.

“Our latest acquisition is in a popular location known as the ‘Carolina Core’, which runs between Greensboro and Winston-Salem, North Carolina,” said Bill Leitner, founder and managing principal of Leitbox Storage Partners. “This area is a hub for aviation, technology and warehouse innovation, with companies such as Amazon, Publix, Fed-Ex and Honda Jet helping to boost corporate growth in the region. We believe we will continue to see rapid growth in this area for years to come and could not be happier with this acquisition.”

Leitbox says it has an opportunity to increase rental rates immediately since, according to the company, the current rates are significantly below-market. The company believes there is potential for more acquisitions in this area, which is in line with Leitbox’s “micro-monopoly strategy.”

Leitbox Storage Partners, a private placement sponsor focused on self-storage investments, develops and buys self-storage facilities, often with mixed use and retail integration, in primary and secondary markets throughout the United States. In addition to the development of vertical self-storage properties, the company identifies and acquires big-box retail properties for conversion.

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