Scottsdale firm purchases land in Maryland for self-storage facility

An art rendering of the self-storage business. (submitted photo)

Scottsdale-based 1784 Capital Holdings LLC intends to develop a self-storage facility on 1.5 acres in Bethesda, Md.

The company acquired the property at 5204 River Road, for $11 million. It will redevelop the site, which is occupied by a tenant, according to a press release.

“The Bethesda area has extraordinary demographics and extraordinary market fundamentals,” said Shane Albers, chairman and CEO of 1784 Capital Holdings, in the release. “It is a significantly under supplied market with three times the national average for rent. We chose the site because it’s one of the last zoned and develop-able parcels of land for self-storage in Bethesda.”

The Bethesda market is described as an affluent, “high barrier-to-entry community,” with “historically high occupancies and rental rates,” by The Mele Storage Group of Marcus & Millichap, the commercial real estate firm that brokered the deal, the release stated.

“We have allocated $250 million for the development of Class-A, institutional-quality self-storage as we continue to expand our national portfolio under the direction of Executive Vice President Kelly McKone,” Mr. Albers said in the release.

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