Caliber Closes Sale of 24-7 Automated Storage in Casa Grande, Arizona
Caliber, a real estate investor, developer, and manager, announced the sale of 24-7 Automated Storage, a 348-unit self-storage facility in Casa Grande, Arizona, to SSF MP Investments for $4.6 million. The property, purchased in December 2015 by Caliber-sponsored investment funds, was sold to unlock capital for new investments. Located at 1040 North VIP Blvd., Casa Grande, the facility's units range from 30 to 4,000 square feet and have an 83% occupancy rate. This sale highlights Caliber's strategic investment approach and ability to create value for investors. Brokers involved included JDS Real Estate Services and Caliber Realty.
- Sale of 24-7 Automated Storage for $4.6 million.
- Facility has 83% occupancy rate.
- Unlocks capital for new investments.
- Demonstrates Caliber’s strategic investment approach.
- None.
Insights
The sale price of
Importantly, the deal also addresses liquidity concerns, freeing up capital for future investments. This is significant in the current environment where deal volume is relatively low, suggesting that Caliber is prudently managing its portfolio and positioning itself to take advantage of potential future opportunities. However, investors should consider the context of the original purchase price and any associated costs to truly gauge the profitability of this sale.
It's worth noting the use of two Caliber-sponsored funds, which could suggest a diversified risk strategy. This move might reassure investors about Caliber's ability to manage both distressed and diversified real estate investments effectively.
The sale of the storage facility in Casa Grande is indicative of the broader trend in the self-storage market, where demand continues to grow. The facility’s high occupancy rate of 83% underscores the strength of this sector, particularly in rapidly expanding areas. For retail investors, this transaction signals that Caliber is tapping into a resilient market segment with stable cash flow prospects.
Additionally, the sale may reflect positively on Caliber's ability to time the market effectively. The location in a growing area adds another layer of strength to the investment thesis, suggesting that Caliber is adept at identifying and capitalizing on emerging market trends. However, investors should remain cautious about the broader economic climate, which can impact future real estate valuations and occupancy rates.
Located at 1040 North VIP Blvd. in
"Our investment in this facility and subsequent sale is another example of Caliber’s ability to identify strategic opportunities that create value for our investors. We are pleased to bring this transaction to a close, which unlocks capital to potentially invest in new assets at a time when deal volume is low,” said Chris Loeffler, CEO of Caliber.
Brokers on this deal were JDS Real Estate Services, Inc, and Caliber Realty.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than
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Caliber:
Victoria Rotondo
+1 480-295-7600
Victoria.Rotondo@caliberco.com
Media Relations:
Kelly McAndrew
Financial Profiles
+1 310-622-8239
KMcAndrew@finprofiles.com
Source: CaliberCos Inc.
FAQ
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