Pine Island Self Storage Facility Changes Hands

1 min read

The 42,656-square-foot property is the only facility on the island.

Pine Island Storage

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.

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.