Amherst, NH The NAI Norwood Group completed a Granite Clover Self-Storage 5-property sale to National Storage Affiliates Trust (NSA). The assets were acquired by NSA from multiple entities under the Granite Clover Self-Storage trademark.
The transaction was valued at $28.8 million and consists of 235,000 rentable s/f with approximately 1,900 self-storage units. This sale is the largest sold in Southern N.H. in the last twenty years. The 5-property portfolio is located throughout Amherst, Nashua, Londonderry, Derry and Pembroke.
Joseph Mendola, senior vice president of NAI Norwood Group, who represents the Argus Self-Storage Sales Network in Northern New England, represented the seller in this transaction and assisted the buyer. Mendola also represented the seller in the sale of the Dover, Bow, Somersworth, and Wakefield properties to Optivest Properties, Inc. Optivest is a NSA participating Regional operator.
The self-storage asset both regionally and nationally has been a very favorable asset class to own, partly because of the significant change in demographics across the country. The millennium generation has decided it is better to rent instead of own a home in this market. Consequently, this shift in demand for housing has been very attractive for apartments and the self-storage industry. Occupancies are at all-time highs.