Florida self-storage operator Personal Mini Storage has purchased C&M Mini Warehouse in Saint Cloud, Fla., now the company’s second facility in the city and 41st overall. The property at 3690 Old Canoe Creek Road sold for $8.5 million, according to a press release from Marcus & Millichap, the real estate firm that brokered the deal.
Built in 1997 and expanded in 2004, the facility comprises 12 single-story buildings totaling more than 80,000 square feet of rentable storage space in 747 climate-controlled and drive-up units. It also includes a retail office and a 1,500-square-foot apartment. The site offers outside vehicle parking and U-Haul truck rentals.
“We're thrilled and proud to add Personal Mini Storage Canoe Creek to our family,” said president Marc Smith. “This is our second project in Saint Cloud, Fla., and our seventh in Osceola County. Given our deep Central Florida roots, this is a perfect addition to our growing portfolio. We expect to impress our tenant base with new features, many site upgrades and new conveniences.”
The buyer and the seller, a family trust conducting a 1031 Exchange, were represented in the transaction by Jacob Becher and Christopher Secreto, investment specialists with Marcus & Millichap. They were assisted by Kirk Felici, regional manager of the company’s Miami office.
Personal Mini also recently expanded one of its facilities in Davenport, Fla. The property at 41040 Highway 27 is now the largest in the company’s portfolio, according to a press release.
In March, the company entered an agreement to become the eighth participating regional operator for National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage.
Founded in 1982 by brothers Stan and Ron Shader, Personal Mini has been family-owned and -operated for more than 30 years. The company is managed by Laurie and Marc Smith, who have more than 20 years of self-storage industry experience. Its portfolio comprises 2.7 million rentable square feet of storage space, all in Florida.
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 453 storage facilities in 23 states. Its portfolio comprises approximately 28 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.
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.
- Digital Journal: Personal Mini Storage Acquires 41st Location in Saint Cloud, Florida