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NYC Self-Storage Owner Liquidating 3,010-Unit Portfolio, Asking $20 Mil

DENVER-A New York City company is selling its seven property self-storage Colorado portfolio for $20 million. The 3,010-unit portfolio of properties from Aurora to Avon in the Vail Valley represents the largest single sale of self-storage facilities ever to hit the market in this state.

By John Rebchook | Updated on September 13, 2000

DENVER-A New York City company is selling its seven property self-storage Colorado portfolio for $20 million. The 3,010-unit portfolio of properties from Aurora to Avon in the Vail Valley represents the largest single sale of self-storage facilities ever to hit the market in the state, says Charles LeClaire, the Marcus & Millichap broker representing the seller, Bulgroup Properties LLC. Bulgroup owns more than two million sf of self-storage properties across the country. It acquired the Colorado projects, which were built from 1977 to 1984, during the past eight years, he says.

The portfolio is selling for $55 per sf, far below replacement cost, according to LeClaire. “I’ve seen units sell for $60 per sf, and up to $100 per sf,” he says. A decade ago, they were selling for $10 per sf.

LeClaire says he wouldn’t be surprised if there is a bidding war for the portfolio. He recently sold a seven-property self-storage portfolio in IL to three investors for a total of $31 million. That sale, with 413,513 sf of rentable space, represented one of the highest prices ever paid per sf paid for a self-storage portfolio, LeClaire says. He plans to contact those buyers, as well as losing bidders on the Illinois projects, for the Colorado portfolio. “Portfolios like this don’t come along very often,” LeClaire says. “And with Denver’s booming economy, self-storage units have very low vacancies.”

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