Liberty Investment Properties Inc., which develops and operates commercial real estate, has opened a new self-storage facility in downtown St. Petersburg, Fla., in partnership with lender Osprey Capital as well as some private investors. The four-story structure comprises 92,000 square feet in about 600 units. It includes a 230-foot covered drive-through bay to help protect customers from the Florida climate, according to a press release. The facility is managed by Extra Space Storage Inc., a self-storage real estate investment trust and third-party management firm.
"There seems to be no slowing down in downtown St. Pete. Growth keeps moving outward in every direction with walkability being a key draw for residents and businesses," said Adam Mikkelson, president of Liberty. "There was a real need to develop a storage facility with easy access and close proximity to the expanding community, with Millennials and businesses being key target customers."
The facility is adjacent to the new headquarters for the St. Petersburg Police Department, which is under construction. Several other developments are either underway or planned for the area. "The swath of land around the new St. Pete police department is ripe for revitalization, and we look forward to seeing more successful projects come out of the ground," Mikkelson said.
An event celebrating the opening of the storage facility is planned for the spring.
Based in Tampa, Fla., Osprey Capital is a direct and private lender and investment group. Its founder and principals have financed more than $10 billion in commercial real estate transactions.
Based in Orlando, Fla., Liberty focuses on income-producing assets and related equity and debt investments on behalf of individual and institutional investors. The company was founded by husband and wife Mike and Melissa Mikkelson, who built their first self-storage facility in 1988. It has diversified to offer a range of investment, asset-management and development ventures in the self-storage and hospitality industries. It’s storage portfolio includes 11 facilities in the Southeast, with several new developments planned for 2018.