Home Alts News Leitbox Buys Self-Storage Facility in Raleigh

Leitbox Buys Self-Storage Facility in Raleigh

Leitbox Storage Partners, a self-storage investment and development platform, has purchased a self-storage facility in Raleigh, North Carolina for $7.1 million.

image_pdf

Leitbox Storage Partners, a self-storage investment and development platform, has purchased a self-storage facility in Raleigh, North Carolina for $7.1 million.

The 537-unit facility totals 60,700 net rentable square feet and is 96 percent leased. Leitbox noted that the current rental rates are “significantly under market,” and it plans to “increase rates immediately.”

“The locational dynamics of our Raleigh acquisition speak loudly to our retail-centric view of self-storage,” said Bill Leitner, founder and managing principal. “It hits on all cylinders – this location has five grocery stores within a three-mile radius, including Whole Foods and Trader Joes, coupled with a Mega High School across the street currently enrolling 2,700 students, this location is hard to beat.  We look forward to maximizing our market presence and driving rates.”

Cubesmart will assume management of the property.

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.

For more Leitbox Storage Partners news, please visit their directory page.