In a remarkable achievement marked by perseverance and strategic negotiation, Mason Gates, a listing agent from Matthews Real Estate Investment Services, successfully facilitated the sale of a self-storage facility located at 1600 W A St, Hastings, Nebraska. The transaction closed at an impressive 101.33% of the list price, underscoring the increasing demand for self-storage properties in the region.
Mason, who is originally from Kansas City, Missouri, and currently based in Scottsdale, Arizona, specializes in private-client self-storage acquisitions and dispositions across the Midwest and Mountain-West markets. His expertise has established him as a leading figure in the self-storage sector, particularly in Nebraska.
Overcoming Significant Obstacles
The path to closing this transaction was anything but straightforward. The facility, which is 31 years old, encountered significant obstacles when the initial escrow uncovered that several buildings encroached onto property owned by the BNSF Railroad. This led the first buyer to cancel the escrow due to the inability to secure clear title and favorable lending.
In response, Mason advised the seller on several potential solutions, including seeking an adverse possession judgment, negotiating a land-lease from the railroad, or conducting building renovations to bring the property back into compliance. Ultimately, it was determined that removing units from the non-compliant buildings was the best course of action.
Mason negotiated a sub-3% re-trade from the initial contract price despite the revenue reduction caused by the unit removals. He effectively leveraged the buyer’s expertise as a general contractor to oversee the remediation process while in escrow.
Time constraints added to the complexity of the deal, as the seller needed to expedite closing by 30 days due to previously-planned travel. Mason adeptly managed the situation, coordinating expedited appraisals and title commitments while ensuring compliance with lender requirements. He worked to engage a surveyor familiar with the property, enabling the timely completion of necessary documentation.
In a testament to Mason's dedication, the deal closed one day earlier than the newly scheduled date, highlighting his exceptional negotiation skills and commitment to client satisfaction.
A Record-Breaking Sale
This transaction achieved a record dollar per net rentable square foot for the area, demonstrating the robust market for self-storage facilities. The buyer, based locally in Kearney, NE, is an existing owner of storage facilities in Hastings and purchased the property using 1031-exchange funds, reflecting a strategic investment in the local market.
This sale marks the tenth self-storage facility transacted by Mason Gates in the Nebraska area over the last 18 months, with one active escrow in Omaha and one on-market listing in North Platte. His ongoing success solidifies Matthews Real Estate Investment Services’ commanding market share of over 77% of on-market Nebraska self-storage transactions.
Conclusion
Mason Gates' tenacity, expertise, and dedication to his clients exemplify the gold standard of service at Matthews Real Estate Investment Services. The repeat business from satisfied clients, is a testament to Mason's ability to cultivate and maintain professional relationships while delivering unparalleled value.
For additional information, please contact:
Lic No: 20220840 (NE)
Broker of Record:
Kyle Matthews
Lice No: 35320 (NE)