Colliers (NASDAQ, TSX: CIGI) on March 27 announced the sale of Allsafe Self Storage, a 85,550 square-foot self-storage facility located in Cedar Hill.
Kyle Newswanger, in Colliers International’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private developer and investor. The buyer, an out-of-state private investor, was also secured by Newswanger.
Newswanger was able to generate multiple competing offers and a lot of interest and activity through a global pandemic due to high demand for self-storage facilities. Institutional and private investors from all over the country are trying to acquire this type of property in the Dallas / Fort Worth Metroplex. The facility is comprised of 599 units and was initially built 2000 before being further expanded in 2011. Strategically located on Cedar Hill’s main thoroughfare and retail corridor, Belt Line Road, the property benefits from a traffic count exceeding 24,500 vehicles per day.