National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has acquired an A+ Mini Storage facility in Navarre, Fla. The facility at 7030 Navarre Parkway comprises 91,825 rentable square feet in 751 units, according to a press release from the Argus Self Storage Sales Network (ASSSN), a national network of real estate brokers, which helped broker the deal.
Navarre is on the Florida Panhandle near Pensacola. A+ Mini has 10 remaining facilities in the southeastern portion of the state.
The seller, W.M. Bell & Co. of Santa Rosa County LLC, was represented in the deal by Shannon Barnhill Barnes and Bill Barnhill, both affiliates of ASSSN and brokers with Omega Properties Inc., a Mobile, Ala., real estate services firm. Barnes and Barnhill represent the Gulf Coast for ASSSN.
ASSSN is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
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 483 storage facilities in 28 states. Its portfolio comprises approximately 30 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.