InSite Property Group Acquires Tampa-Area Storage
- Jan 20, 2021
InSite Property Group has purchased a recently delivered self storage project in Palm Harbor, Fla. Lockhart Management Group sold the property, according to Yardi Matrix data. The three-story Lockhart Storage Center, which has received its certificate of occupancy, spans 71,900 square feet.
The seller and developer acquired the land for $1.6 million from a private investor in July 2018, Pinellas County records show. In January 2020, Bank OZK originated a $6.8 million construction loan. P.B. Brown served as the general contractor for the project.
Located on a 6-acre parcel at 265 Palm Harbor Blvd., Lockhart Storage Center features climate-controlled indoor storage space, as well as 67 parking lots for boat and RV storage. InSite’s wholly-owned property management firm will oversee operations at the location, which has been rebranded as SecureSpace Palm Harbor.
Situated just off U.S. ALT 19, the building is 7 miles north of downtown Clearwater. There are at least six other self storage facilities encompassing more than 380,000 rentable square feet within a 3-mile radius, according to Yardi Matrix data.
In December, InSite Property Group opened a 71,000-square-foot self storage property in Torrance, Calif. The company paid $5.6 million for the land and funded the development with an $11.1 million loan from Valley National Bank.
The self storage sector ended 2020 on a positive note, according to Yardi Matrix research data. On a year-over-year basis, street-rate rents increased 3.5 percent for the average 10×10 non-climate-controlled and 2.3 percent for the average climate-controlled units of the same size.