Neighborhood Storage Center Portfolio
Investment Opportunity

CALL FOR OFFERS

TIMELINE
Hard Bid Date: May 29, 2024
Timeline Present to Market: May 1st
Hard Bid Date*: May 29th Request
Best & Final (if necessary): June 4th
Select Buyer: June 4th

*Owner reserves the right to move forward with a preemptive bid prior to May 29th. All dates are subject to change at Owner’s discretion.

Property Tours
Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged in advance through Argus Self Storage Advisors / Jones Investment Properties prior to visit. We insist you NOT DISTURB any on-site personnel as they may not be aware of the potential sale.

Offer Procedures
Offers should be in the form of a Letter of Intent (LOI) and at a minimum offer should include the:
• Price
• Earnest Money Deposit
• Due Diligence Time Period
• Closing Period
• Price Allocation per property and any goodwill allocation
• Any other substanial business points the buyer wants the seller to know

INVESTMENT HIGHLIGHTS

Sited in areas of significant residential growth
High quality facilities with low maintenance requirements
Upside available through revenue management
Easily accessible
High barrier to entry due to land use constraints
Set up for on-site or remote management
Development site with significant improvements in place

GENERAL DESCRIPTION

The Self Storage in Bixby/Catoosa offering is a 66,495 rentable square foot portfolio consisting of two (2) properties located in Bixby and Catoosa, Oklahoma. The assets were built with management flexibility providing for a combinaton of on-site and remote management. The facilities provide an attractive amount of scale for a top 55 MSA opportunity in areas of high residential growth. All facilites are equipped with security pad gate access and security cameras. The cumulative parcels measure a combined 4.12 acres.

The Bixby facility is located in a high barrier to entry market where it’s difficult to get new storage projects through the entitlement process. Recently, the city turned down no less than five proposed storage projects seeking land use variances for storage. Since Bixby is in growth mode and actively seeking sales tax generating development, it’s unlikely to see the level of supply coming out of the ground as in other growing municipalities.

Self Storage in Bixby has gone through a steady lease up period to achieve unit/physical occupancy stabilization. They have used specials to achieve this and the property is now well-positioned to ramp up income through a revenue management program.

Self Storage in Catoosa is a 2019 vintage property. The quality of construction and unit mix is top of market for that trade area and well-positioned for future profitability. The property is currently in lease-up with an aggressive online marketing campaign and specials to expedite the lease-up process.

This is a compelling portfolio to gain a foothold in the highly desirable Tulsa MSA or to further scale up in the market.

The Self Storage in Haskell Development offering is 2 +/- acres of partially developed land located at 7473 N. Hwy 64, just north of Haskell, OK in Muskogee county. Demo/Excavation work has already taken place and a large portion of the concrete has been laid, including (1) 60‘x160’ & (1) 65‘x200’ slabs for storage buildings and approximately 2/3 of the driveways. There has also been some underground rough-in for electric lines. The lot has an approximate 38,000 additional square feet for future expansion.

ARGUS LINK

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