Cohen Investment Group has secured a $51.5 million refinancing loan for Castleton Commerce Center, a 470,618-net-rentable-square-foot flex storage complex in Virginia Beach, Virginia.
Eastern Union’s Mid-Atlantic Group Senior Managing Director David Merkin arranged the fixed-rate refinancing loan through Bank of America, on behalf of the borrower. Merkin was the one to secure bridge financing for CIG when the company acquired the facility in 2021. CIG purchased the property from Prime Group Holdings for $58.8 million, with the help of a $58.2 million loan originated through the Chicago office of Prime Finance.
The facility is at 2424 Castleton Commerce Way and features 142,843 square feet of self storage units, as well as 327,775 square feet of warehouse storage. Castleton Commerce Center consists of 18 one-story buildings that enclose 409 storage units, 375 warehouse units, and 190 boat and RV parking units, ranging in size from 50 to 5,000 square feet. Storage Asset Management handles the day-to-day operations at Castleton Commerce Center, according to Yardi Matrix information.
The property in Virginia Beach is one of 15 available on a 3-mile radius, offering residents 34.4 net rentable square feet per capita, the same data provider shows. As of December, the self storage market in Richmond-Tidewater had 21 facilities under construction, set to add almost 1.5 million rentable square feet to the area.