Joan Lucas, of Joan Lucas Real Estate Services, sold Cañon City Self Storage located in Cañon City, CO on June 8, 2018. The property sold for $1,750,000 at a 6.5% cap rate. Comprised of 30,350 rentable square feet and 4,800 square feet of boat and RV parking on 4.4 acres (of which 2.4 acres remain for future expansion), Cañon City Self Storage is the best property in the community. Its location is excellent with access off of Highway 50 and its close proximity to the Home Depot store. The property had no deferred maintenance. This was a very straightforward transaction. Joan listed the property and within three weeks had it under contract. The Buyers are knowledgeable operators who own several other facilities. They saw the great upside potential and ways to make the property better, and to generate more revenue.
In June 2018, Joan also sold 3.9 acres of development ground for $1,275,000 in Brighton, Colorado. This development opportunity is located on the south side of a major intersection – at which King Soopers recently opened one of the massive “super” stores. The area has experienced strong residential and commercial growth. While there are several existing self-storage facilities in the area, all are reporting high occupancies. The buyers will deliver a state-of-the-art project featuring climate and ambient storage. Upon completion, the property will contain approximately 95,000 square feet. It will be managed by CubeSmart.
Joan Lucas is located in Denver, CO and is the Argus Broker Affiliate representative for the state of Colorado. She can be reached at 720-855-6587. Based in Denver, Colorado, the Argus Self Storage Sales Network (ASSSN) was formed in 1994 to assist owners and investors of self-storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self-storage and income property investments. Now the largest self-storage brokerage network in the United States, the ASSSN has 36 Broker Affiliates covering nearly 40 markets. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit www.argus-selfstorage.com.