Prime Group Buys Florida Self Storage Asset

Leasing at the new property surpassed 80 percent in nine months.

Public Storage

Public Storage. Image courtesy of Marcus & Millichap

Prime Storage Group has acquired Public Storage, an 84,608-square-foot facility in Port St. Lucie, Fla. Marcus & Millichap brokered the deal on behalf of the seller and developer, Mequity Cos.

Completed in 2021, the property encompasses a three-story building comprising 833 units ranging from 25 to 250 square feet, 783 of which are climate-controlled, along with 17 parking spaces. On-site amenities include carts and dollies, video surveillance, drive-up access and moving van availability.

Located at 540 SE Becker Road, the facility is off Florida’s Turnpike which connects to Interstate 95, some 11 miles from Witham Field Airport.

Marcus & Millichap Senior Managing Director Adam Schlosser and Executive Managing Director Charles LeClaire, along with Associate Ian Lindahl, had the exclusive market listing for the property. The transaction was closed with the assistance of Senior Vice President & Division Manager Ryan Nee, the company’s broker of record in Florida.

Lindahl mentioned in prepared remarks that the facility was leased up to more than 80 percent in the span of nine months, emphasizing the strong demand for self storage space in the region. Recently, the LeClaire-Schlosser Group assisted Prime Storage in purchasing a 66,856-square-foot property in Denver.

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