NORFOLK, Va. and BETHESDA, Md., Dec. 8, 2021 /PRNewswire/ — Cohen Investment Group, a commercial real estate investment company based in Norfolk, VA, has acquired Castleton Commerce Center, a 390,380-square-foot self-storage and flex-storage complex at 2424 Castleton Commerce Way in Virginia Beach, VA.
David Merkin of Eastern Union, one of the country’s largest commercial real estate brokerage firms, secured $58,150,000 in bridge financing for the new owner of the property. Based in Bethesda, MD, David Merkin is a managing director in the Eastern Union’s Mid-Atlantic Group.
Cohen Investment Group has acquired a total of eleven storage properties through five acquisitions within the asset class in 2021, with Castleton Commerce Center being the firm’s most recent storage acquisition. Founded in 2014, the company has owned and operated more than one million square feet of rentable storage space, as well as holdings in the office, multifamily, student housing, and retail sectors.
The Virginia Beach property is a unique asset with high historic occupancy, strong in-place revenue, and the ability to add further value through strategic improvements and decreasing the gap between existing customer and market rents.
"This acquisition represents a wonderful addition to our storage property portfolio and is also the largest acquisition in our overall portfolio to date," said Hugh Cohen, president of Cohen Investment Group. "By taking a hands-on approach to managing this property, we will generate operational efficiencies that will boost value.
"Thanks to Eastern Union’s keen knowledge of the lending marketplace, we were able to secure attractive bridge financing," said Mr. Cohen. "David Merkin and his team committed themselves to delivering the right loan for this asset."
"Because of the unique nature of the property, arranging favorable financing for this transaction was challenging," said Mr. Merkin. "We were proud to have come through for a company like Cohen Investment Group, the ideal owner/operator for this large-scale, self-storage facility."
Loan financing was secured through the Chicago office of Prime Finance.
About Cohen Investment Group
Cohen Investment Group (CIG) is a Norfolk, VA-based private real estate investment company and sponsor. CIG and its affiliated entities have transacted in over half a billion dollars in capital activity since July 2014. The company focuses on acquiring properties in primary, secondary and tertiary markets in the mid-Atlantic and Southeast regions, with a primary focus on multifamily and storage assets.
For more information, visit www.coheninvestmentgrp.com.
About Eastern Union
Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. It employs more than 125 real estate professionals and closes an average of $5 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Eastern Union, headquartered in New York, closes transactions of all sizes across the United States. It secures financing for all asset types. Transactions — which can include multi-state and multi-site portfolios — encompass both conventional and structured financing. Capital introductions are handled through Eastern Union’s affiliate, Eastern Equity Advisors.
For more information, visit www.easternunion.com.
516 652 0785
SOURCE Eastern Union