CIP Self Storage | Cleveland, OH
Challenge: As of July 2014, CIP Self Storage had been on the market for over 2 years. The 27,450 SF asset was over-priced, under-marketed and in need of expert analysis to reveal the value and upside potential the asset offered.
Strategy: Upon familiarizing themselves with the asset, the Colliers International Self Storage Group created a dynamic value add business plan for the asset. The team approached the owner with their valuation ideas and communicated how an aggressive marketing strategy and a smart price point could demonstrate to a buyer a path to a higher return and led to a successful sale at an acceptable value. The Colliers team was awarded the exclusive listing to take their ideas to market.
Services: In October 2014, Colliers creatively re-introduced CIP Self Storage to the market. They took the time to understand the property and its owner, developing a marketing campaign in conjunction with the unique needs of the asset. The team capitalized on their extensive database of self-storage contacts, creating awareness of the available asset on a local, regional and national level. Self-storage owners from Ohio to California immediately began to show interest in the facility.
Results: Just 33 days from the initial campaign launch, California came through with the win. Trojan Storage, from Redondo Beach, recognized the value-add opportunity and went into contract on the asset. They proceeded with closing in January 2015. Trojan Storage expanded the facility to 66,000 SF with a two-story climate control building followed by a successful lease up.
"Tom Gustafson and Gary Cooper from Colliers were very professional during the entire buying process. I was able to close and with the value add expansion opportunity turn the CIP asset into a productive investment."
"I didn’t know if my self storage property was ever going to sell until Tom and Gary came along. They priced the property correctly and within a short time on the market were able to identify the right Buyer who closed all cash with no financing contingency and within 2% of list price. Thank you Colliers and Tom and Gary on a great job!"