CBRE closed the sale of two self-storage facilities in Raymore, Missouri, to Big Rock Properties LLC, a Minnesota-based self-storage investment company for an undisclosed price.
CBRE’s Nick Walker, Adam Alexander, Trevor Roberts and Matt Bukhshtaber represented the seller, a private investor. The buyer was represented by an outside firm.
“After the initial shock with the start of the COVID-19 pandemic, the self-storage sector has seen a significant uptick in activity,” said Alexander. “Demand has continued to outpace supply as capital sources seek alternative asset classes like self-storage, primarily due to the sector’s consistent returns and operational resilience during economic stress.”
The two American Self Storage properties are located one-half-mile apart at 103 Evans Ave. and 308 E Walnut St. Combined, the portfolio totaled 223,660 square feet and was initially opened in 1987 and expanded four times. The buildings are visible from East Walnut Street, which averages 6,517 vehicles per day. The properties are about 26 miles south of Downtown Kansas City.
“We had a wide and diverse group of interested buyers for these assets, which is a testament to the strength of the industry and how much the sector is in demand,” added Walker.