Leitbox Storage Partners Closes Hilton Head, SC Storage Deal
May 19, 2021 | Leitbox Storage Partners
BIRMINGHAM, AL – May 18, 2021 – Leitbox Storage Partners, a self-storage investment and development platform, based in Birmingham, Alabama, announced today that it has officially closed on a storage acquisition in the city of Bluffton, just outside of Hilton Head, SC. The site is adjacent to Bluffton Parkway and has direct access to US Hwy 278 (Fording Island Road) via a fully entitled private drive, which provides a convenient location to the Hilton Head Island bridges.
“This deal represents our commitment to executing on our investment strategy. The value-add acquisition is the first investment into their current product offering—targeting allocation of development and acquisition activity of approximately 60%/40% respectively. The Hilton Head submarket is known as a highly desirable market, with state-leading migration patterns. The high barrier to entry into this market will secure rights to the area’s growing demand. The facility’s strong occupancy along with planned renovations will substantiate increased rents to maximize value” said Bill Leitner, Managing Principal of Leitbox Storage Partners.
Hilton Head, SC is located 20 miles north of Savannah, GA. The site’s 5-mile trade area features excellent demographics: Median Home Value of $362,000 spread across more than 37,000 people. The Bluffton 2020 growth rate was 9.52% and growth rate since 2010 is 146.9%. The property is ideally positioned close to US-278, a major area corridor which services over 35,000 vehicles per day. The drive-up facility’s 250 storage units are currently 98% occupied.
About Leitbox Storage Partners
Leitbox Storage Partners (“Leitbox”) is a real estate investment company that develops and acquires self-storage (often with mixed use & retail integration) in primary and secondary markets throughout the United States. In addition to programmatic, greenfield development of vertical self-storage, Leitbox utilizes its 30+ year history in the retail and mixed-use sectors to identify and acquire retail, big-box conversion opportunities and income-producing, storage facilities presenting value-add upside potential.
