Matthews™ Completes Sale of Center Street Storage in Omaha, NE

468-Unit Self-Storage Facility Sale in Omaha

 

Omaha, NE—Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the successful sale of Center Street Storage, located at 2829 South 148th Avenue Circle in Omaha, NE. Associate Mason Gates, within the Matthews™ Self-Storage Division, represented the seller in the transaction.

 

The property, which features 59,440 net rentable square feet and 468 units, was sold after a five-year effort by the seller to secure the right buyer.

 

The buyer, Sundance Bay, a private equity group based in Salt Lake City, Utah, plans to hold the property long term as a stable self-storage investment. They financed the purchase through a network of 1031 exchange investors without traditional bank financing.

 

The seller, MDSE LLC, sought to divest Center Street Storage to maximize returns and take advantage of a favorable mortgage prepayment penalty. He chose Matthews™ for their proven success in the Nebraska self-storage market, ultimately receiving the highest offer since going to market.

 

Several obstacles arose throughout the transaction, including higher-than-expected capital expenditures and property damage from weather-related events during the inspection period. Despite these challenges, productive negotiations were conducted, ensuring a smooth closing and a favorable outcome for the seller.

 

“It’s a miracle Matthews™ was able to sell it,” the seller said. “This was a difficult property, but Matthews™ did a really good job.”

 

“This transaction achieved an exceptional result and reflects the high standard of service our company is known for. It underscores our ability to deliver successful outcomes in challenging situations, further reinforcing our reputation in the self-storage market and the broader commercial real estate industry,” Gates said.

 

For more information or to contact a Matthews™ specialized 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 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.