HPI Real Estate Buys 888-Unit Jacksonville Storage Asset

The facility, which came online last year, traded for the first time.

9135 Herlong Road

HPI Real Estate Services & Investments has acquired an 888-unit facility in Jacksonville, Fla. The Hatcher Coe Group of Marcus & Millichap represented the seller, a private owner, and procured the buyer. CubeSmart will manage the property.

Completed in 2021, the facility spans 6 acres and encompasses 141,508 net rentable square feet with 694 climate-controlled units and 194 non-climate-controlled units, ranging from 25 to 300 square feet. Onsite amenities include 47 covered parking spaces, drive-up access, security features, as well as RV and boat parking.

Located at 9135 Herlong Road, the facility is one of the 11 available within a 3-mile radius, offering residents 13 net rentable square feet per capita, almost double the 7-square-foot U.S. average, according to Yardi Matrix data. The property is also within 10 miles of downtown Jacksonville and benefits from a growing population, as well as a traffic count of 19,000 cars per day off Normandy Boulevard and 5,000 cars per day off Herlong Road, mentioned Meir Perlmuter, senior associate of Marcus & Millichap, in a prepared statement.

Perlmuter, alongside Senior Vice Presidents of Investments Gabriel and Nathan Coe and Senior Managing Director Brett Hatcher, worked on the transaction. Ryan Nee is the firm’s broker of record in Florida.

Currently, HPI Real Estate’s portfolio holds 17 facilities across four states, totaling roughly 2 million square feet. Last year, the company acquired a 93,050-square-foot facility in San Antonio, as part of the company’s second self storage fund.

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