Oxford Storage, a 46,750-square-foot self-storage facility in Fern Park, Fla., was recently purchased by an undisclosed, Michigan-based limited liability company for $2.2 million. Located at 230 Oxford Road, the facility was built in 1999 on 4.06 acres. It contains 420 units, including 169 that are climate-controlled and 33 parking spaces.
Michael A. Mele, first vice president of investments in the Tampa, Fla., office for Marcus & Millichap Real Estate Investment Services, represented the buyer and seller, a local partnership. “This is a definite ‘add value’ play for the buyers,” he said. “They will benefit significantly once their management takes over, making this a very nice deal for them.”
Oxford Road has an average daily traffic count of 10,000 vehicles. State Road 436, which is adjacent to the facility, has a traffic count of 64,000 vehicles per day. The population density in the five-mile radius around the facility includes more than 235,000 residents and a daytime work population of more than 150,000.
Amenities currently offered at the facility include electronic gate access, truck rental and moving supplies. The site also offers expansion possibilities.
Marcus & Millichap has more than 1,000 investment professionals in offices nationwide and closed more than 6,000 transactions last year.