Florida Self-Storage Facility Sells for $1.7M

Storage Haven, a 37,210-square-foot, self-storage facility in Odessa, Fla., recently sold for nearly $1.7 million. The seller was a limited liability company, and the buyer was a private investor and a first-time self-storage buyer. The source did not reveal if the facility will be rebranded.

Storage Haven***Storage Haven, a 37,210-square-foot, self-storage facility in Odessa, Fla., recently sold for nearly $1.7 million, or about $52 a square foot. The seller was GBTT Storage LLC, and the buyer was an Orlando, Fla.-based private investor and first-time self-storage buyer named BDB Storage LLC. The source did not reveal if the facility will be rebranded.

The purchase price of the land in 2001 before the development of the facility was $200,000.

Located at 2135 Gunn Highway, Storage Haven is a standalone facility built in 2001 and expanded in 2003. According to the source, it's physical occupancy is 94 percent. Of the facility's 296 units, 93 are climate-controlled. There are 14 boat/RV parking spaces. The company website advertises on-site management, 24-hour gate access, packing and shipping supplies for sale, and business services, including a copy/fax machine and free wireless Internet.

The seller was represented by brokers from Marcus & Millichap Real Estate Investment Services, one of the nations largest commercial real estate firms. This deal is clear evidence that demand for smaller deals is back, said Michael A. Mele, first vice president investments and senior director of the Marcus & Millichap National Self-Storage Group.

Adam Wides, an investment specialist from the Marcus & Millichap Tampa, Fla., office, assisted Mele in the transaction. This was our first deal that included SBA 504 financing, and we cant be more satisfied with the process, Wides said. The access to capital opens up a whole other buyer pool for sellers.

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