Personal Mini Storage, which operates 36 self-storage facilities in Florida, has expanded its portfolio with the purchase of Harbor Lighthouse Self Storage & Business Center in Davenport, Fla., from VJP Holdings LTD. The property at 41040 U.S. Highway 27 comprises 24 acres of land and more than 200,000 square feet of storage space. It has 654 climate-controlled and drive-up storage units, plus room for expansion, according to a Personal Mini Storage press release.
Built in 1998, the facility also includes five office spaces and 228 indoor and outdoor vehicle-parking spots, according to a press release from BayView Advisors (BVA), the real estate firm that represented both buyer and seller in the transaction. Business features include gated access, perimeter fencing, video cameras, a call center, and online billpay and reservations.
“With businesses like Amazon.com expanding in Davenport, we see a tremendous opportunity to bring the Personal Mini Storage level of service and expertise to the area,” said Richard Mathis, vice president of operations. “Aside from traditional self-storage, this facility allows us to offer much-needed covered, RV parking, U-Haul truck and trailer rentals, moving merchandise, and flexible business-office spaces.”
Under the leadership of its president, Marc Smith, Personal Mini Storage has grown its portfolio to more than 2.3 million square feet of storage space and 17,000 units, the Personal Mini Storage release stated. “We’re excited to add this second location in Davenport,” Smith said. “Aside from our successful marketing and management platform, it’s our commitment and rapport with each community we serve that has fueled our success. We will continue to pursue strategic opportunities in our Central Florida playpen when our criteria are met.”
The deal was brokered by Jay J. Crotty, managing partner, and Thomas A. Doyle, senior vice president, for BVA. "This sale represents a significant shift in the industry where covered parking is considered a steady stream of revenue and evaluated on a similar [capitalization] rate to the self-storage revenue,” Doyle said. “We had multiple competitive offers from individual investors showing the interest and assertiveness of private buyers in growth markets.”
Founded in 1982 by brothers Ron and Stan Shader, Personal Mini Storage has been a family-owned and -operated business for more than 33 years.
Headquartered in Tampa, Fla., BVA specializes in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales.
- BayView Advisors: BayView Advisors Announces Sale of 102,756 SF Facility in Davenport, FL