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Cohen Investment Group Acquires 390K-SF Storage Complex in Virginia Beach
Norfolk, VA-based Cohen Investment Group has acquired Castleton Commerce Center, a 390,380-square-foot self-storage and flex-storage complex at in Virginia Beach, VA.
Eastern Union secured $58 million in bridge financing for Cohen Investment Group. Loan financing was secured through Prime Finance.
“This acquisition represents a wonderful addition to our storage property portfolio and is also the largest acquisition in our overall portfolio to date,” said Hugh Cohen, president of Cohen Investment Group. “By taking a hands-on approach to managing this property, we will generate operational efficiencies that will boost value.
According to Cohen Investment Group, the property is a unique asset with high historic occupancy, strong in-place revenue, and the ability to add further value through strategic improvements and decreasing the gap between existing customer and market rents.
Cohen Investment Group has acquired a total of 11 storage properties through five acquisitions within the asset class in 2021.
- ◦Sale/Acquisition
