Matthews™ Closes 586-Unit Self-Storage Facility in New Mexico

Sellers Reallocating Capital to Build High School in Their Community

Albuquerque, NM —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, represented the sellers in the disposition of Sandia Skies Self Storage, a 586-unit storage facility located at 6801 Palomas Northeast, Albuquerque, NM. Associate Ben Tracy and Vice President and Director Simon Assaf handled the transaction.

 

Sandia Skies was sold by a local private organization. After several years of ownership, the organization decided to sell the property and use the capital to build a new high school for the Albuquerque community. The self-storage facility was bought by an institutional group based out of the Northeast.

 

“The buyers ended up closing this transaction early after a seamless escrow process and straightforward communication from start to finish,” Tracy said. “This transparency resulted in zero retrades on price and terms and zero deferred maintenance credits.”

 

The investment features over 74,000 net rentable square feet and 99 percent occupancy. The buyers were looking to expand their footprint and add to their established portfolio in the market. Plans for the property include increasing revenue through facility enhancement.

 

“Sandia Skies features below market rent, providing the buyers with a valuable opportunity to increase revenue almost immediately,” Tracy said. “In addition, our clients achieved their goal of leaving with enough capital to build a new school. Both parties were a pleasure to work with, and we were happy to be a part of a deal that is giving back to the community.”

 

For more information or to contact a Matthews™ agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 500 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.