Athena Real Estate LLC, a Danbury, Conn.-based real estate investment and advisory firm, recently acquired two Florida self-storage facilities through affiliate companies. Easy-Stor Self Storage in Dade City, Fla., and Palm Bay Self Storage in Palm Bay, Fla., comprise a combined 79,550 square feet. Both properties will be rebranded as Out O’ Space Storage, according to a company press release.
"We are pleased to acquire these two properties, which are value-added opportunities with upside in occupancy,” said Richard J. O'Brien, founder and CEO of Athena. “We are confident in our ability to improve the current occupancy at both locations through revenue-enhancing capital and increased marketing efforts.”
Easy-Stor, at 13038 U.S. Highway 301, comprises 52,250 square feet. The property was recently renovated and offers outdoor parking for boats and RVs. The facility is also home to a FedEx pack-and-ship center offering freight and overnight shipping services, according to the company website. The facility accepts deliveries for business tenants.
The Palm Bay location at 1895 Palm Bay Road N.E. comprises 27,300 square feet. The facility offers all ground-level, climate-controlled units as well as outdoor parking for boats and RVs. Features include coded gate access and video cameras.
The two properties join a portfolio of four other Out O’ Space affiliate locations in Florida. Athena intends to increase its footprint beyond Florida through acquisitions, the release stated. “We continue to grow through acquisitions in Florida and are interested in growing our platform across the East Coast of the United States,” O’Brien said. “We now own six self-storage facilities and are striving to build greater scale. We are seeking to acquire self-storage facilities of 40,000 to 80,000 square feet in strong locations with a mix of climate- and non-climate-controlled spaces.”
Founded in 20014, Athena Real Estate concentrates its investments on specialty real estate assets including manufactured-housing communities, RV parks and self-storage. The company currently operates 16 commercial properties on the East Coast, including 14 in Florida.
- GlobeNewswire: Athena Real Estate Acquires Florida Self-Storage Facilities
- Out Oâ€™ Space Dade City: Website
- Out Oâ€™ Space Palm Bay: Website