Ryan Hanks Of Madison Capital Group Acquires Self Storage Facility In Panama City For $6.2M

The asset involved in the transaction is a self-storage facility located at 1654 East 5th Street in Panama City. The sale price was $6,200,000, and the property encompasses 108,900 square feet, translating to a price per square foot of $56.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: $6,200,000
• Square Footage: 108,900
• Address: 1654 East 5th Street
• Market: Panama City
• Buyer: Ryan Hanks - Madison Capital Group
• Seller: G.M. Hobbs Sr.
• Buyer's Representative: Moushumi Chinni Ganguli - CityLights RE, Inc

CityLights RE is eager to incorporate this asset into the BLUEGATE PROPERTY Brand/Portfolio. The property features a 44,228 square foot barn designed for indoor storage, accommodating up to 240 boats, and sits on 2.5 acres with immediate expansion plans. Notably, the closing process faced challenges such as two hurricanes, yet the deal was successfully completed, meeting all contractual obligations.