Midcoast Properties has arranged the sale of Pine Island Storage, a 42,656-square-foot self storage facility in St. James City, Fla. Michael Morris of Midcoast Properties represented both parties.
The asset traded for $4.1 million, according to Lee County records. The buyer, a private investor, benefited from a $3.1 million acquisition loan from South State Bank.
Built in several phases between 1979 and 2007, the property encompasses seven buildings on approximately 3 acres at 5111 Doug Taylor Circle. The facility includes climate-controlled units and RV and boat parking spaces. Larger storage spaces offer drive-up access as well.
The asset is the only self storage facility serving the communities on Pine Island, Yardi Matrix data shows. The nearest facility is a CubeSmart property in Cape Coral, some 7 miles east of Pine Island Storage. Located in an industrial and retail area, the property is less than a mile from Pine Island Road, which connects to the mainland.
Last month, Midcoast Properties arranged the transaction of a 402-unit self storage facility in Columbia, S.C. The brokerage worked on behalf of the seller, Cohn Corp.