Newmark Secures the Sale of 23,789-Square-Foot Self-Storage/Warehouse Facility in Shelby, Ohio

February 27, 2024 9:00 AM

Newmark announces it has arranged the sale of Wall Street Storage Unit Rentals [the “Property”], a self-storage/special-use facility located at 82 Wall Street in Shelby, Ohio. The property traded from longtime owner Marjorie E. Roush to the locally-based builder, Soggy Dollar Properties, LLC, marking the first transfer of ownership since Roush’s family acquired the land a century ago.

Newmark Director, Self-Storage Investments Kris Parker represented the seller on the transaction, in cooperation with local licensee Executive Managing Director Jim Clark.

“In taking a strategic approach to marketing the asset, we received more than twelve viable offers to bring back to the table. In understanding our client’s needs, we identified the highly complementary outcome with a locally based buyer offering all-cash, as-is terms,” said Parker. “With the closing of this transaction, we congratulate all parties on a win-win outcome.”

The property features 23,789 square feet of self-storage space across six buildings. atop an approximately 1.8-acre plot, the property’s zoning can accommodate the development of up to four additional buildings. In recognizing the continued demand for self-storage, a result of Richland County’s population growth, the buyer plans to convert the two existing buildings with warehouse spaces into Climate-Controlled self-storage.

Located in the Richland County submarket, the area is experiencing rapid growth on the back of massive investment in new facilities from a multitude of firms including Lloyd Rebar, Intel and the US National Guard’s new cyber security facility.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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