Case Study

Milton Storage Center

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Seller Profile

First time storage owner who converted and ran the facility themselves
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Buyer Profile

Private Equity Firm
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Property Profile

Yield producing and fully stabilized deal in a secondary market. Value-add property with expansion potential and below market rents

The Story

  • Value-add deal because it had expansion potential, below market rents, and was not taking advantage of the potential ancillary incomes.
  • Mom & Pop seller previously accepted a direct offer.
  • Potential buyer extended due diligence multiple times over the course of months.
  • Potential buyer’s offer was contingent upon financing and could not secure financing.
  • SkyView ran proprietary sales process and delivered 10 offers on the deal from national private equity firms and multiple REIT’s.
  • Estimated 25% spread from the top to bottom of the buyer pool.
  • Closed with a qualified buyer that was willing to close early and had zero extensions / financing contingency.
  • Offers from qualified groups 15% higher than the previously accept direct offer.
  • 5 potential buyers within $100k of the ultimate sales price (very competitive bidding process).
  • The ultimate buyer was a private equity firm •Both the ultimate buyer and the 4 other buyers at the top of the bidding process are still very motivated to acquire in the Panhandle

Value Creation

Extremely satisfied Sellers. SkvView was able to get 15% more for the Seller than the direct offer they had initially received, and see the deal through closing.

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