Affordable Self Storage, a 77,760-square-foot facility at 162 Bouton St. in Norwalk, has been sold for $19 million, which equates to $242 per square foot, according to Marcus & Millichap.
The commercial real estate investment services firm, represented the seller, Paul and John Hertz, a private partnership based in Darien, and procured the buyer. The buyer was not disclosed.
Brett Hatcher, vice president for investments at Marcus & Millichap, said the storage facility has a history of high occupancy.
“The asset provides the new owner with stable cash flow and offers upside potential through rental increases, insurance sales and expense management,” he said.
Built on a nearly 4-acre lot, the 27-year-old facility includes 879 storage units, 477 of which are climate-controlled, ranging in size from 25 to 500 square feet.
Hatcher and Joseph Holloway, a Marcus & Millichap associate in the firm”™s Columbus, Ohio, office, represented the seller.
