For Immediate Release
For More Information, Contact: Kelly McKone, Executive VP of Real Estate for 1784 Capital Holdings, LLC 602-885-2552
Scottsdale development firm purchases land in Maryland for construction of Class-A,
SCOTTSDALE, ARIZONA (February 1, 2017): Scottsdale-based 1784 Capital Holdings LLC intends to develop a self-storage facility on 1.5 acres in Bethesda, Md. The company acquired the property at 5204 River Rd., for $11 million. It will redevelop the site, which is occupied by a tenant.
“The Bethesda area has extraordinary demographics and extraordinary market fundamentals,” said Shane Albers, chairman and CEO of 1784 Capital Holdings. “It is a significantly undersupplied market with three times the national average for rent. We chose the site because it’s one of the last zoned and developable parcels of land for self-storage in Bethesda.
“We have allocated $250 million for the development of Class-A, institutional-quality self-storage as we continue to expand our national portfolio under the direction of Executive Vice President Kelly McKone,” Albers said.
The Bethesda, Md., market is described as an affluent, “high barrier-to-entry community,” with “historically high occupancies and rental rates,” by The Mele Storage Group of Marcus & Millichap, the commercial real estate firm that brokered the deal.
“Very rarely does a development opportunity of this quality come to market,” said Robert Bloch, an investment associate in Marcus & Millichap’s Washington, D.C., office. “The unprecedented price per acre is a testament to the nature of the opportunity, and the buyer had a clear vision that enabled it to compress its due diligence and win the deal in a very competitive process.”
Michael Mele, senior vice president of investments in the Marcus & Millichap Tampa, Fla., office assisted Bloch in representing the seller, a single-asset corporation, and securing 1784 Capital Holdings as the buyer.
About 1784 Capital Holdings, LLC
1784 Capital Holdings is a leader in the development, building, leasing, owning, and selling of self-storage facilities. 1784’s priority is to fulfill the growing demand for quality storage in emerging markets by creating an expansive portfolio of self-storage properties through the ongoing development of new facilities, the acquisition and repositioning of existing big-box retail properties, and the purchase and redesigning of strategically located yet poorly optimized storage properties. To learn more, visit www.1784CapitalHoldings.com
About Marcus & Millichap
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the U.S The firm closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion. To learn more visit www.marcusmillichap.com
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OUR BETHESDA PROJECT
1784 Capital Holdings LLC
Shane Albers, Chairman and CEO
8777 N. Gainey Center Drive, Suite 191
Scottsdale, AZ 85258
Plans, specifications, included features, available options and elevations are subject to change without notice. All dimensions and square footages are approximate. Renderings are artist conceptions. Plans an renderings are the copyrighted property of 1784 Capital Holdings LLC and Bakken Communities. Reuse of plans is strictly prohibited.