Life Storage has sold Bluewater Self Storage, a 92,541-square-foot facility in Murrells Inlet, S.C., north of Charleston, S.C., to a regional buyer. Associate Michael Morrison of Midcoast Properties represented the seller.
According to Yardi Matrix data, the property last traded in 2020, when Life Storage acquired it from Miller Valentine Group for $7.1 million. Before the current sale, Life Storage’s Charleston portfolio encompassed 10 self storage properties, totaling 864,086 square feet.
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Completed in 2019, Bluewater Self Storage is a three-story building with 265 standard and climate-controlled units ranging from 25 to 300 square feet. The property also includes boat and RV parking and storage containers. On-site facilities include 24-hour gated access, digital surveillance and perimeter fencing.
Located at 11088 Highway 707, the facility is 15 miles south of Myrtle Beach, S.C., having access to Highway 17 Bypass North. Bluewater Self Storage is one of the eight properties available within a 3-mile radius, offering residents 9.6 net rentable square feet per capita.
According to a recent Yardi Matrix report, Charleston rates for standard 10×10 non-climate-controlled units were up 9 percent year-over-year as of May, while rents for same size climate-controlled units were up 5 percent. The development pipeline accounted for 7.1 percent of existing inventory, below the national average of 9.7 percent.