Boundary Ventures Acquires Cecil County Self-Storage Portfolio in $19M Deal
By Keith Loria August 3, 2022 5:19 pm
reprints
Boundary Ventures has acquired a four-property, 883-unit self-storage portfolio in Cecil County, Md., for $18.8 million.
MacKenzie Commercial Real Estate Services represented the seller, Acorn Investment Company, in the deal.
The four assets are called the Cecil, Chesapeake, Elkton and Rogers self-storage facilities and are situated in Elkton and North East in Cecil County. Combined, they total 133,315 square feet of space.
“Virtually no section of the state or the country has been untouched by the popularity wave sweeping over the storage space self-storage industry as apartment renters, homeowners, college students and retailers and businesses all have needs for this product category,” Tom Mottley, senior vice president and principal of MacKenzie, said. “Cecil County is currently upgrading the utility infrastructure between Elkton and North East, which will help promote future growth in the area.”
Located at 804 East Pulaski Highway in Elkton, the 20,425 square-foot Cecil contains 84 units. The 39,350-square-foot Chesapeake is at 1089 Augustine Herman Highway in Elkton and contains 362 units. The 288-unit Elkton is at 4 Coachman Drive in Elkton and offers 53,115 square feet of space. The Rogers, at 1882 West Pulaski Highway in North East, has 20,425 square feet of space and 149 units.
The Cecil County market exhibits extremely favorable consumer demographics and business growth, with a population of nearly 500,000 consumers and nearly 170,000 households within a 30-minute drive of these properties, according to MacKenzie research.
Andrew Meeder, senior vice president and principal with MacKenzie, represented the buyer in the transaction.
Keith Loria can be reached at Kloria@commercialobserver.com.
