Anyone ever successfully sell a self storage to a storage REIT?

[Michael Patti]

Hi everyone, 

I found a large warehouse in an up and coming area of Philadelphia. I think this would make a perfect self storage conversion opportunity. The owner is willing to hold a mortgage for a few years. I am wondering how does one go about finding construction financing. Or a JV partner to cover the construction costs. Purchase price would be $1.9MM. Construction I think $3-4MM. Then sell for around $9MM to a cube smart, extra space or public storage.

[Michael Wagner]

Thanks for the shout out @Taylor L., And you make a good point. While the REITS are one potential exit strategy. There are plenty of non-REIT buyers who would be interested in the end product described above.