Coast-to-Coast storage closes complex self-storage real estate deal in face of multiple obstacles
[author:Coast-To-Coast Storage Public time:Apr 14, 2006] |
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City of Atlantis, FL, March 12, 2006 -- The principal asset of
Lantana-Keepers LLC is an 80,000 square foot self-storage property currently
under construction at Lantana Road and I-95 in Palm Beach County, Florida.
The complex transaction (purchase price undisclosed) was facilitated by
Coast-To-Coast Realty Advisors, a wholly owned subsidiary of the worldıs
largest self-storage consultancy firm, Coast-To-Coast Storage (C-2-C),
headquartered in the City of Atlantis.
C-2-C President, RK Kliebenstein commented ³the complex nature of this
transaction required a strong effort on the part of buyer and seller to
overcome obstacles that in many other cases would have been a deal killer.²
Keepers-Lantana, LLC Managing Member, David Haver, stated ³I am very pleased
that the transaction is closed. It was a lot of hard work, and there were
many times, including the day before close of escrow, that I was not certain
that the deal would consummate. RK did a great job.²
The transaction was quite challenging given the high level of scrutiny and
difficulty in getting development projects approved Palm Beach County.
Zoning was the first major hurdle, and shortly after the development order
was granted, the land was cleared on a grading permit, awaiting building
permits. During a much delayed permitting process, the hurricanes and storm
activity of 2005 exacerbated construction delays, further complicating
issues.
If that was not enough, archaic canal reservations disclosed in the title
search created title objections that would have killed or delayed closing.
Coast-To-Coast Realty Advisors was familiar with the canal reservation
issue, having had the same problem when it worked on the 45th Street project
in Mangonia Park. ³We knew this was an obstacle, but the risk was very
low, as it is a perfunctory task to release the reservationit just takes a
long time for the State to issue the paperwork to meet the needs of the
title insurer² commented C-2-Cıs RK Kliebenstein. He further commented,
³Fortunately, buyer and seller recognized our experience with this issue,
and it became a very simple escrow matter.²
Austin1, LLC is a Boca Raton, FL based investment firm managed by local
resident. Craig Stern. The transaction represents Sternıs first entry into
self-storage. Stern noted that the closing was the culmination of over five
years work with C-2-C to find the ³right² self-storage opportunity.
Located just West of I-95, the General Contractor for the store under
construction is NCY Construction of Wellington, FL. Buildings one through
nine are approximately 25% complete, and a key feature of the transaction
was that construction never stopped during the close. Typically because of
title issues, construction would have halted for several days while
commencement issues and liens were satisfied as a normal part of on-going
construction. Scheduled for completion during the third quarter of 2006,
the store will be a state-of-the-art self-storage complex with
climate-controlled and direct access spaces. Cutting edge security and
monitoring equipment will be used in the operation of the store.
Otherinfo:RK Kliebenstein
President, Coast-To-Coast Storage
Direct Phone: 561-963-4004 ext 81
533 Muirfield Drive
City of Atlantis, FL 33462 (USA)
Fax: 734-758-7538
Printed From:http://www.free-press-release.com/news/200604/1145024390.html
Source:Free Press Release
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