The brick building was formerly a tobacco warehouse. (Mike Platania photo)
A Shockoe Bottom warehouse that ages ago stored tobacco and now stores people’s extra stuff has changed hands.
The 92,000-square-foot self-storage facility at 1720 E. Cary St. is under new ownership after a $12 million sale, city records show.
The buyer was SmartStop Self Storage, California-based REIT that specializes in self-storage facilities, counting about 200 properties in its portfolio.
The seller was North Carolina-based Morningstar Storage, which had owned the five-story facility since buying it in 2019 for $5.1 million.
Shortly after the Aug. 2 sale SmartStop signage went up on the building.
Neither SmartStop nor Morningstar replied to multiple requests seeking comment.
SmartStop operates a second Virginia facility in Charlottesville, while Morningstar has three other locations in the state, in Yorktown, Chesapeake and Ashburn.
The brick building in Shockoe Bottom was built in the early 1900s and was a tobacco warehouse for much of the 20th century. It was at one point used by Philip Morris but has been a self-storage facility in recent years.
The sale was part of a portfolio deal, according to an announcement from brokerage Marcus & Millichap. A day before the Richmond deal, SmartStop closed on a Morningstar facility in Asheville, North Carolina, for $12.5 million, according to local property records.
At $12 million, the price for the Richmond location was more than twice its most recently assessed value of $5.5 million. It’s one of few storage facilities in the downtown area, along with U-Haul facilities on Lombardy Street near VCU and on Arthur Ashe Boulevard.
The sale is the third-largest commercial deal in the city limits this year. The top spot on that list is currently held by the June sale for the $16.5 million of the Timbercreek Apartments at 2200 Chateau Drive. Thalhimer Realty Partners sold the 160-unit complex to Bethesda, Maryland-based Walde Enterprises. The second-largest deal this year was the city’s $15 million purchase of Mayo Island.
The brick building was formerly a tobacco warehouse. (Mike Platania photo)
A Shockoe Bottom warehouse that ages ago stored tobacco and now stores people’s extra stuff has changed hands.
The 92,000-square-foot self-storage facility at 1720 E. Cary St. is under new ownership after a $12 million sale, city records show.
The buyer was SmartStop Self Storage, California-based REIT that specializes in self-storage facilities, counting about 200 properties in its portfolio.
The seller was North Carolina-based Morningstar Storage, which had owned the five-story facility since buying it in 2019 for $5.1 million.
Shortly after the Aug. 2 sale SmartStop signage went up on the building.
Neither SmartStop nor Morningstar replied to multiple requests seeking comment.
SmartStop operates a second Virginia facility in Charlottesville, while Morningstar has three other locations in the state, in Yorktown, Chesapeake and Ashburn.
The brick building in Shockoe Bottom was built in the early 1900s and was a tobacco warehouse for much of the 20th century. It was at one point used by Philip Morris but has been a self-storage facility in recent years.
The sale was part of a portfolio deal, according to an announcement from brokerage Marcus & Millichap. A day before the Richmond deal, SmartStop closed on a Morningstar facility in Asheville, North Carolina, for $12.5 million, according to local property records.
At $12 million, the price for the Richmond location was more than twice its most recently assessed value of $5.5 million. It’s one of few storage facilities in the downtown area, along with U-Haul facilities on Lombardy Street near VCU and on Arthur Ashe Boulevard.
The sale is the third-largest commercial deal in the city limits this year. The top spot on that list is currently held by the June sale for the $16.5 million of the Timbercreek Apartments at 2200 Chateau Drive. Thalhimer Realty Partners sold the 160-unit complex to Bethesda, Maryland-based Walde Enterprises. The second-largest deal this year was the city’s $15 million purchase of Mayo Island.