Abacus Capital, WDM Family Enterprises and Big Cypress Capital — through its Headwaters Strategic Operator Platform — have sold Johnston Corners, a 117,405-square-foot self-storage facility in Charlotte, NC, for $21.8 million.

The venture sold the five-story, newly constructed property on Johnston Road to an unnamed global asset manager 38 months after initially closing on the land.

The sale represents Headwaters’ third self-storage facility realization for its six-property, 655,000-aggregate-square-foot, Class A “build-to-core” self-storage portfolio targeting high growth East Coast submarkets.  Headwaters’ other two exits within the past six-month period include its metro Washington, DC and South Tampa’s Westshore Marina District properties, which were purchased by Extra Space Storage and Public Storage, respectively.

Headwaters’ self-storage portfolio includes a property in downtown Durham, NC that represents its second self-storage collaboration with Abacus and WDM and is expected to deliver in mid-2022.

Cushman & Wakefield self-storage advisory group represented the sellers.

Photo: Big Cypress Capital, Abacus Capital and WDM Family Enterprises