CRE i Ohio

Ohio's NAI Cummins closes big self-storage deal

The self-storage business continues to be an active one throughout the country, as a recent transaction brokered by NAI Cummins proves.

The self-storage business continues to be an active one throughout the country, as a recent transaction brokered by NAI Cummins proves.

Jerry Fiume and Lorin Schultz of Akron, Ohio-based NAI Cummins Real Estate represented JWA Associates acting as the receiver on behalf of Lorain National Bank in the sale of seven former Sparkle Stor-All Self Storage Facilities located throughout north central Ohio.

The portfolio sale totaling $2.5 million recently closed and was sold to two different investors who intend to continue operations under the name of Prime Storage and Star-Brite Self Storage.  The portfolio totaled 888 units encompassing 137,380 square feet with some of the facilities having excess land for future expansion.

Financing was provided by the Apple Creek Banking Company and Kilbuck Savings Bank.