Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 5,000-square-foot industrial facility located at 905 Ellis Road in Durham, North Carolina. The property is fully leased to WillScot, a leading provider of temporary space and storage including mobile offices, portable storage units and portable classrooms. The 1031 exchange seller, a developer based in Raleigh, North Carolina, sold the property for approximately $2.8 million reflecting a 7.06 percent cap rate. Michael J. Macchia and Jimmy Ullrich of Stan Johnson Company represented the buyer, a Brooklyn, New York-based private investor.
“The buyer was attracted to the rapidly growing demand for industrial outdoor storage, which has commanded premium pricing given it’s in short supply,” said Macchia, Associate Director in Stan Johnson Company’s New York office. “The Raleigh-Durham region has expedited this growth as many have migrated to the area for excellent jobs, universities and affordability, especially post-COVID.”
The property was constructed in 2003 on 11.9 acres. The site, located in southeast Durham, provides convenient access to both Raleigh and Greensboro, North Carolina along Interstates 40 and 85. WillScot, headquartered in Phoenix, Arizona, has more than 275 locations across the U.S., Canada, Mexico and United Kingdom. They serve businesses in the construction, education, healthcare, government, retail and commercial sectors, among others.