InSite Property Grows in Florida

The company has added a self storage facility near Tampa to its growing portfolio.
SecureSpace Riverview. Image courtesy of InSite Property Group

InSite Property Group has purchased Gibsonton Storage, an 82,770-square-foot facility in Riverview, Fla. The seller was a private investor.

Rebranded as SecureSpace Riverview, the 2021-built property will undergo the owner’s security upgrade program. 

The facility at 10105 Gibsonton Drive encompasses three single-story buildings across 6.3 acres. The property includes climate-controlled units, RV and boat parking spaces as well storage spaces with drive-up access. Units range from 25 to 960 square feet.

InSite Property Group is poised on expanding its self storage portfolio nationwide, after receiving a $140 million self storage construction loan from U.S. ACORE Capital in March.

Just recently, the company made its debut in the state of Washington with the acquisition of a 66,773-square-foot facility in Tacoma.

Robust rent performance

Located in a residential area some 14 miles southeast of downtown Tampa, Secure Space Riverview is the most recent addition to the area’s self storage inventory. The asset is one of nine facilities within a 3-mile radius, offering 11.5 square feet of storage per capita, significantly above the metro’s penetration rate of 8 square feet per capita and almost double the national penetration rate of 6.8 square feet per capita. 

Street rates in Tampa continued to increase year-over-year through August, overperforming the U.S. average rates. Asking rates saw a 14 percent uptick for standard 10×10 climate-controlled units and a 12 percent increase for non-climate-controlled units of similar size, according to a recent Yardi Matrix report.