Personal Mini Storage has acquired Stor-All Self Storage, a 31,475-square-foot self storage facility in Alachua, Fla., marking its 47th acquisition in the area. The asset last changed ownership in 2015 for $750,000, according to Yardi Matrix data.
Completed in 2004, the facility encompasses four buildings and offers 240 non-climate and climate-controlled units, varying from 25 to 375 square feet, with RV and boat parking, U-Haul truck rentals and drive-up access. The firm plans to implement site and landscaping enhancements and upgrade the fencing. Other upgrades will include improved online and call center access and hands-free electronic gate access.
Located at 13701 NW US Highway 441, within 8 miles of Alachua, the property is in a largely penetrated market, being one of the four facilities within a 3-mile radius, offering 25 net rentable square feet per capita, substantially above the 6.9 national average. In total, Alachua County has 40 storage properties available, encompassing more than 2 million square feet. Currently, there are two prospective properties in the pipeline that will add 138,292 square feet to the region’s inventory, Yardi Matrix shows.
Although self storage fundamentals started to moderate, national street rates remained high on a year-over-year basis. As of January, street rates were up 7.6 percent for 10×10 non-climate-controlled units and 7.4 percent for climate-controlled units of similar size. Sun Belt metros continued to record some of the highest rates across the country, remaining an attractive region for investors. Last month, Extra Space Storage secured $8M refinancing for a 90,522-square-foot facility in Tampa, Fla.