$25M Tampa Bay-Area Self-Storage Portfolio Up for Sale
- Sep 06, 2012
A three-property, 2,250-unit portfolio owned by Safeguard Self Storage is now on the market, with Marcus & Millichap Real Estate Investment Services in charge of finding a buyer.
Located in Palm Harbor, Tampa and St. Petersburg, the storage assets are listed at $25 million, or $111 per square foot, but the properties can also be acquired individually. The Palm Harbor facility is approximately 20 miles northwest of Tampa. Constructed in 2001, the property includes 83,350 square feet of space and 670 units, 551 of which are climate-controlled. In addition, the facility includes 79 boat/RV spaces. The facility is approximately 85 percent occupied. Benefiting from street presence on U.S. Highway 19, this asset is only three miles from the Gulf of Mexico and local beaches.
The Tampa facility is located in the Carrollwood area, three miles west of Interstate 275. Developed in 1999, the 705-unit facility includes 75,525 square feet of climate-controlled space. Currently 86 percent occupied, amenities include a facility wide intercom system, individual door alarms, video surveillance and a management office. The property is situated near a highly trafficked intersection, Dale Mabry Highway and West Bears Avenue, where more than 50,000 cars pass by daily.
The St. Petersburg property was built in 1987 and renovated in 2006; this 875-unit facility includes 66,694 square feet of storage space, including 593 climate-controlled units and 10 RV/boat storage units. Currently, the property is 78 percent occupied.
According to data provided by Marcus & Millichap Self Storage Group, while on a national scale self-storage supply is estimated at 7.4 square feet per capita, Florida averages below the country at 9.5 square feet per person. The Tampa metro area’s supply, however, came in at 8.3 square feet per capita.