Extra Space Storage Inc., a self-storage real estate investment trust and third-party management firm, recently purchased a four-property portfolio the company has been managing in Florida. The terms of the sale were not released. The seller was a Florida-based private investment firm.
The properties are in Bradenton, Sarasota, South Pasadena and Tampa, Fla. The portfolio comprises 250,406 net rentable square feet of storage space in 2,332 units.
The facilities feature climate control, vehicle parking, video cameras and electronic-gate access. Solar panels were recently installed at the Bradenton, Sarasota and South Pasadena facilities, and all three have new roofs with 10-year warranties, according to the source.
The transaction represented the largest self-storage portfolio sale in 2014 in Tampa Bay, Fla., based on square footage and number of units, according to a press release from Marcus & Millichap Real Estate Investment Services, the commercial-property investment firm that brokered the deal. Michael Mele, senior vice president of investments, and associate Brian Baldwin, both in the company’s Tampa office, represented the seller.
Founded in 1971, Marcus & Millichap has more than 1,300 investment professionals in offices throughout the United States and Canada. The company specializes in commercial real estate investment sales, financing, research and advisory services.
Salt Lake City-based Extra Space owns or operates 1,050 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 750,000 units and 80 million square feet of rentable space.