Challenge

All three facilities located throughout New Hampshire and Vermont had high occupancy in trailing years, thus cementing their foothold in the markets. However, the agents experienced multiple interest rate hikes throughout the sales process, putting pressure on the purchase price. Additionally, the agents navigated a zoning issue at the end of due diligence, which was promptly handled to not extend the buyer or seller’s timeline.

Strategy

The key to overcoming the deal’s challenges was having early and often conversations directly with the buyer and seller from day one to closing day. The agents were able to keep both sides informed. They were fortunate to work with an experienced repeat buyer who was very transparent in their purchasing process, making the agents’ client feel comfortable throughout the entire sale process.

Throughout the deal, the seller’s main goal was to work with an agent who could show buyers the full value their storage facilities had built up after years of attentive management. To accomplish this goal, the agents advised to sell the seller’s properties together as a portfolio sale. The buyer was a large institutional client whose objective was to expand their Northeast self-storage footprint further.

Results

Overall, this was a win for the agents’ client. The agents were able to source several competitive offers within just a couple of weeks of marketing. They moved forward with a cash buyer that did not re-trade or extend the closing period. The client was able to close the book on their self-storage facility ownership and move on to a new and exciting chapter of their life.

Client testimonial – “We are grateful for Milton Braasch’s professional assistance in successfully matching a buyer with our three self-storage facilities. We are very impressed with his ability to guide us through this very complex transaction while always being personable, upbeat, a good listener, and very knowledgeable about the whole process. He consistently kept us informed of the next steps in the process, listened to any of our concerns, and we felt like we were a very high priority for him. We highly recommend Milton to anyone looking for a knowledgeable and hard-working representative to assist them in selling their business. We look forward to working with Milton again on any future commercial sales we pursue. “