Investment group acquires self-storage complex in Va. Beach
Property includes 390K square feet of space
Norfolk-based Cohen Investment Group, a commercial real estate investment company, has acquired Castleton Commerce Center, a 390,380-square-foot self-storage complex in Virginia Beach, from Prime Storage.
The complex, at 2424 Castleton Commerce Way, is one of 11 storage properties Cohen Investment Group acquired through five acquisitions this year, according to Eastern Union, which secured $58.15 million in bridge financing for the property.
While the specific purchase price was not disclosed, a spokesman for Eastern Union said it is estimated to be “in the low $80 million range” and includes both the real estate and “certain components of the business.”
David Merkin, managing director of Eastern Union’s mid-Atlantic group, secured the financing.