Value Store It Opens 2 Tampa-Area Facilities

The properties recently traded for a total of $24.6 million.

Storage units

Storage units. Image by Paul Brennan via Pixabay.com

Value Store It Self Storage has opened two storage facilities measuring 106,682 and 98,356 square feet in Clearwater, Fla., in the Tampa area. The company purchased the properties from Lockhart Management Group in December 2022, for a total of $24.6 million, according to Yardi Matrix information. The same data provider shows that the acquisitions were financed through a $200 million loan held by Barclays, as part of a larger portfolio transaction.

Located at 2611 Seville Blvd., the first property is an eight-story building which incorporates climate-controlled units ranging from 25 to 300 square feet. The second facility is situated at 26489 US 19 Highway and includes units measuring up to 360 square feet, across five stories. Both have on-site amenities such as truck rentals, 24-hour video surveillance and moving supplies, with the one on Highway 19 also offering EV charging stations.

Situated 4 miles from each other, the properties are easily accessible off major roads. They both are roughly 6 miles from Clearwater and 4 miles from the Clearwater Airpark airport. Yardi Matrix data shows that 17 self storage facilities operate in a 3-mile radius of the one on Seville Boulevard, totaling an average of about 11 net rentable square feet per capita.

Carlos Diaz, president of Value Store It, stated in prepared remarks that the company looks to establish its brand in the market, intending to differentiate itself through facility quality. Despite economic instability and uncertain market conditions for many asset types, self storage appears particularly strong.

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