DALLAS, TX -- AC Self Storage Solutions, LLC of Newport Beach, CA (AC Self Storage) has acquired Assured Self Storage, a 671- unit, stabilized, positive cash-flow storage facility in South Dallas.
Assured Self Storage has approximately 71,671 net rentable square feet of storage space and is 82% occupied. Price was not disclosed.
The seven- year-old facility is located at 8110 South Cockrell Hill Road. Assured will be rebranded AC Self Storage Dallas
AC Self Storage closed the transaction in less than 60 days from receipt of due diligence materials and nearly two months ahead of the contract closing date. AC Self Storage also closed a new CMBS loan with Wells Fargo Bank N.A. that was funded 40 days after the loan application was submitted.
“It has been a real pleasure to work with Wells Fargo on this transaction,” said Troy Downing (top right photo), CEO of AC Self Storage Solutions. “Everyone on the lender’s team was professional, thorough, and responsive, allowing us to complete the purchase well ahead of schedule and well before our financing contingency period expired.”
“We were pleased to help AC Self Storage Solutions succeed financially and we look forward to growing a long-standing relationship with them,” said Christina Langrall (middle left photo) Assistant Vice President and Commercial Mortgage Underwriter, Wells Fargo Bank N.A.
According to Downing, terms of the loan were as follows:
65% Loan to Value; 5.9% Interest Rate; 10 Year Term; 30 Year Amortization;
Non-Recourse
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Saul Hoppenstein and James Elmore in the Boca Raton office of Berkadia brokered the loan with Wells Fargo Bank N.A. “I have worked with Saul and Jim for many years and they have always done an exemplary job,” said Downing.
AC Self Storage has contracted with Westport Properties to manage the facility. Westport is the property manager for the entire AC Self Storage portfolio.
“This has been a very smooth, expedited transaction because of the joint cooperation and diligence of professionals on the seller’s side, buyer’s side and the lender’s who were personally committed to the success of this deal,” said Craig Morris, president, of AC Self Storage Solutions, LLC. (http://www.acselfstorage.com/)
Contact:
Troy Downing, CEO
(949) 335 6638 tdowning@acselfstorage.com
Chris Barnett
415-921-5092 cbarn@aol.com
1 comment:
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