Brandon Mini Storage, a 52,465-square-foot self-storage facility in Brandon, Fla., was recently sold to a local private investor for $2.125 million. Located at 203 Providence Road, the property was built in 1978, with final expansions complete in 1997.
Situated on approximately 4.35 acres of land, the self-storage investment comprises 545 units. Forty-six are climate controlled, 432 are traditional, and 67 are RV/boat parking spaces. Amenities include security cameras, wide driveways, perimeter fencing and a managers office.
The seller, a California-based partnership, engaged the services of Marcus & Millichap Real Estate Investment Services, to list the sale. Michael A. Mele, first vice president of investments and senior director of the company's National Self-Storage Group, represented both buyer and seller in the transaction.
Brandon Mini Storage was a non-distressed deal that traded at an aggressive price. This transaction highlights a positive outlook in the Florida self-storage industry. We anticipate more market rate deals like this one in 2012, Mele said.