Absolute Storage Management (ASM) entered the St Louis market with the recent purchase of Mr. B’s Storage of Imperial, Missouri. The property was built on six acres in 2002 and contains 50,600 square feet and 325 units.
“We are excited to be entering the state of Missouri” said Absolute Storage Management president Michael Haugh, CCIM. “This asset needs a fair amount of work but it’s on well-traveled street in a nice community. We will rebrand the property and go to work cleaning it up.”
Larry Goldman, CCIM, from the Argus Self Storage Sales Network, represented the seller in the transaction. The property sold for $1,100,000 and was 60% occupied at the time of the sale. The facility provides an outstanding value add play for ASM, just off Interstate 55, on well-traveled US Highway 67. Larry Goldman is the Argus Self Storage Sales Network broker affiliate for the states of Missouri, Kansas, Arkansas and Southern Illinois and he can be reached at 913-707-9030.