21 Terminal Way - Radiant Storage

Radiant Storage is a 348-unit, 35,708 NRSF self-storage facility in Norwich, CT. The property is a four-story building that was initially constructed in 1930 and renovated into a storage facility in 1979. 100 percent of the units are climate-controlled. The facility sits on about 7/10ths of an acre and features numerous amenities including, but not limited to, a full-service manager’s office and showroom, an asphalt parking area, units with roll-up doors, and video surveillance cameras throughout the property. Additionally, ownership installed a new roof in 2022. Radiant Storage is less than a mile and a half from downtown Norwich and there is only one competitor within two miles of the facility. The facility sits in a largely residential neighborhood in south Norwich where there are about 35,000 people averaging around $80,000 in income annually. The property is within two miles of 1,123 apartment units across 10 multifamily properties with 364 more units in the current multifamily pipeline within three miles. Local economic drivers include two of the most popular resort casinos in New England -- the Mohegan Sun Casino and Foxwoods Casino. The Mohegan Sun Casino is approximately one mile from Radiant Storage and features a 10,000-seat arena which is home to the WNBA Connecticut Sun and is a premier concert venue that regularly pulls in big names. Norwich -- nicknamed “The Rose of New England” -- is home to the Norwich Sea Unicorns Summer Collegiate League baseball team, Norwich Free Academy which serves over 2,000 students primarily from across southeast Connecticut, and Backus Healthcare which is recognized as the main source of acute health care for approximately 100,000 residents of eastern Connecticut.
Atomic Storage Group manages the asset for the California-based ownership group and operations at the property have been rapidly improving. Over the past 24 months, rental income has risen approximately 22 percent and year over year, the asset has seen a 10 percent increase on gross collections.
As of August 2024, the facility is over 90 percent physically occupied.