All Store Self Storage, a 32,800-rentable-square-foot self-storage facility in Port Charlotte, Fla., has sold for $1.75 million. Built in 2006, the facility contains 352 self-storage units including 36 covered RV spaces and 120 outdoor parking spaces. The facility consists of four climate-controlled buildings, one covered RV-storage structure with electric access, and one free-standing office building. It sits on 7.6 acres of land.
The seller, an institutional owner based in Washington, D.C., purchased the original loan and foreclosed on the property. He was represented in the transaction by two representatives of Marcus & Millichap Real Estate Investment Services: Michael Mele, first vice president of investments and senior director of the company’s National Self-Storage Group, and Adam Wides, an associate in the Tampa, Fla., office. Mele and Wides also secured the California-based buyer.
"This transaction represents a noticeable trend in the self-storage industry,” said Mele. “Financial institutions are more willing to dispose of troubled assets rather than modify current loans. In the next six months, we anticipate a sizeable increase in REO offerings.”