NitNeil Partners Acquires Denver Storage Property
The company financed its first acquisition in the metro with a $3.3 million loan from Alpine Bank.
850 Baseline Road
NitNeil Partners has finalized the $4.6 million purchase of its first self storage facility in the larger Denver metro area. Alpine Bank provided the company with a $3.3 million financing package for the acquisition of County Line Security Storage, a 64,850-net-rentable-square-foot property in Brighton, Colo. A private investor sold the asset, according to Yardi Matrix data.
Located on 4 acres at 850 Baseline Road, the facility encompasses 13 single-story buildings completed in two phases between 1998 and 2001. The buyer rebranded the store as CubeSmart Self Storage of Brighton. The property provides 450 drive-up access units ranging between 50 and 300 square feet. The facility has an on-site manager, security cameras and moving supplies for sale.
CubeSmart will oversee property management for the asset. Situated a short distance from State Route 85, the site is 22 miles northeast of downtown Denver. There are at least four other self storage facilities totaling some 230,000 net rentable square feet within a 3-mile radius, the same data provider shows.
Earlier this month, NitNeil Partners received a $6.2 million mortgage for an 87,543-square-foot self storage property in Mount Pleasant, S.C. Alliant Credit Union originated the seven-year note.
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