MSSP Spacebox Fort Myers LLC, an affiliate of Spacebox USA, has purchased a vacant warehouse in Fort Myers, Fla., that it plans to convert to self-storage. The company acquired the 10.3-acre site in June for $6.4 million. In addition to converting the building, MSSP Spacebox could erect additional structures on the property, according to the source.
The building at 2670 Colonial Blvd. was constructed in 1974 and comprises 92,164 square feet. FedEx leased the property for a decade before vacating it a year ago. Prior to that, it was leased to Sears, Roebuck & Co.
The deal is considered the largest industrial real estate transaction in Lee County, Fla., this year, the source reported. MSSP Spacebox was represented by Tom Woodyard, principal of Woodyard & Associates LLC. The seller, Monmouth Real Estate Investment Corp., an affiliate of New Jersey-based UMH Properties Inc., was represented by Derek Bornhorst, Bob Johnston and Jerry Messonnier, brokers for Lee & Associates of Naples-Fort Myers.
“To replace the building would have cost every bit of the amount that they paid, and that would be for the building only,” Johnston said. “And the Colonial Boulevard corridor is really growing in terms of residential, so a self-storage project should do well in that location, if that’s the route they take.”
Based in Hattiesburg, Miss., Spacebox USA operates a facility in Auburn, Ala., and one each in Niceville and Tampa, Fla. It also has a project under development in Lake Park, Fla.
Business Observer, Spacebox Entity Has Plans for Self-Storage on Colonial Boulevard Property