Dilweg Subsidiary Sells Thirteen Self-Storage Facilities
DURHAM, N.C. (May 29, 2013) – North State Storage, a wholly-owned subsidiary of the Dilweg Companies, has sold its entire self-storage portfolio of 13 properties in North and South Carolina, effectively exiting the self-storage industry.
Dilweg sold the portfolio to focus on the acquisition and enhancement of primarily commercial office and select retail properties.
Five of the facilities, four in North Carolina and one in South Carolina, were purchased by Flagship of Orlando, Fla. The five properties contain 2,479 climate-controlled and standard units totaling almost 313,700 square feet. Dilweg acquired and developed the properties over a ten year span, selling them in late 2012 for more than $17 million.
The remaining eight facilities were purchased affiliates of All Stor Storage, LLC, based in Hudson, Ohio.
The North State Storage facilities acquired by All Stor Storage are located in Wilmington, Charlotte, Durham, Indian Trail, Matthews, Morrisville and Swansboro, N.C. and Rock Hill, S.C. Together they contain 4,074 individual storage units totaling more than 515,200 square feet. Both climate-controlled and “drive up” units are available at each facility. The eight properties currently enjoy an average occupancy over 88%.
All Stor Storage, LLC, also acquired the North State Storage banner and will continue to operate the facilities and serve customers with the same on-site team.
The disposition of the thirteen facility portfolio was completed on May 23, 2013.
“With the current high demand for self-storage assets, the timing was ideal for us to sell our portfolio,” said Anthony Dilweg, CEO of the Dilweg Companies. “We were able to capitalize on a market trend, add value to the assets and realize significant returns for our investors, which represent a win for all involved. Now that we have transitioned out of the self-storage business, we will focus on core business segments of office and retail properties.”
In addition to selling its self-storage facilities, Dilweg has recently acquired one retail and three office properties in the Triangle and expanded its reach in 2012 with acquisitions of four class A office buildings in the greater Atlanta area.
About The Dilweg Companies
The Dilweg Companies is a full-service commercial real estate firm based in Durham, North Carolina. Since its launch in 1997, Dilweg has gained broad experience in the acquisition, development and operation of office, retail warehouse/flex, multifamily and self-storage properties. Dilweg’s investors have sponsored over $510 million in asset value and more than 6 million square feet throughout North Carolina, South Carolina, Virginia and Georgia. For more information, please call (919) 313-3483 or go to www.dilweg.com.