May 11, 2021 CHARLESTON, SC – Ziff Real Estate Partners is pleased to announce the disposition of their condominium interest in Bridgeport II, located in Mt. Pleasant, SC and their wholly owned ExtraSpace Storage located in Chicago Heights, IL.
Located on W. Lincoln Hwy, ExtraSpace Storage was acquired by Ziff Real Estate Partners in 2011. Since acquisition, significant expansion and renovations have occurred. Prior to the expansion (completed in January of 2019), the property did not feature any non-climate controlled (NCC) units or rental parking, resulting in a struggle in operations against the REIT competition that offered both climate controlled and non-climate controlled unit types as well as parking. Upon completion of the expansion, Chicago Heights was able to add nearly 20,000 sf of non-climate controlled self storage, and 14 parking spaces in a secured setting within the existing facility’s property limits maximizing the full potential of the property. The expansion was well received by the market and was fully stabilized within 5 months of completion. Ziff was represented in the sale by Gabriel Coe of Marcus and Millichap.
Bridgeport II is conveniently located at the foot of the Arthur Ravenel Bridge in Mount Pleasant, SC, five minutes from downtown Charleston, and 20 minutes from Charleston International Airport. It boasts Class A finishes including a two-story front lobby with a koi pond, brick finishes, and rooftop deck. Bridgeport II was the second phase of the Bridgeport office project and has a total leasable area of 30,000 sf and ample parking.