Personal Mini Storage, a Florida self-storage operator with 43 locations, has purchased a Devon Self Storage facility in Gainesville, Fla. The property at 8825 N.W. 13th St. is a few miles north of the University of Florida. It comprises 90,000 rentable square feet of storage space in 897 units, some of which are climate-controlled. It also contains outdoor vehicle parking and offers U-Haul truck rentals, according to a press release.
Personal Mini Storage now operates six sites in Gainesville. Last year, the company became the eighth participating regional operator for National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage.
"We're incredibly excited to add our sixth store in Gainesville, and coincidentally our sixth store with National Storage Affiliates, our joint-venture partner. We're confident that our ‘new’ customers will notice the personal difference offered by our capable staff, and will soon become raving fans and customer evangelists," said Marc Smith, president of Personal Mini.
The buyer and the seller were represented in the transaction by Charles “Chico” LeClaire, executive managing director of investments, and Adam Schlosser, first vice president of investments, for Marcus & Millichap. Fellow broker Kirk A. Felici assisted.
“The seller purchased this facility out of foreclosure during the recession and realized excellent returns as a result of this transaction,” LeClaire said. “The buyer will continue to benefit from the strong local market, and by reducing seasonal vacancies due to the large percentage of student renters that is typically found in college markets.”
Founded in 1982 by brothers Stan and Ron Shader, Personal Mini has remained a family-owned and -operated business for more than 30 years. The company is currently managed by Smith and his wife, Laurie, who have more than 20 years of self-storage industry experience. The operator’s portfolio comprises 2.7 million rentable square feet of storage space.
Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has ownership interest in 483 storage facilities in 28 states. Its portfolio comprises approximately 30 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.
California-based Devon Self Storage has maintained a dedicated self-storage operating platform since 1993. The company currently owns or manages 46 facilities nationwide. It has been involved with the acquisition, development, disposition and management of approximately $1 billion in self-storage assets.