National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, continues to expand its presence in Florida. The company recently acquired Stor-N-More Self Storage in Tampa for $19 million through its affiliate, NSA Property Holdings LLC, according to a press release from SkyView Advisors, the investment-sales and advisory firm that represented the seller, Crosstown Stor-N-More LLC. The property comprises 117,655 net rentable square feet in 1,105 units.
Built on 7.02 acres in 2008, the facility includes 880 climate-controlled units and 70 spaces for vehicles and miscellaneous use, the release stated. The purchase price equates to $161.91 per square foot.
The population is 70,128 within a three-mile radius of the property and jumps to 164,162 when the radius is expanded to five miles, according to the release. “This property is a high-quality, class-A facility in a prime location,” said Ryan Clark, director of investment sales at SkyView.
The Stor-N-More website rolls over to Hide-Away Storage, which would suggest the facility will be branded under the Hide-Away name. Hide-Away became NSAT’s seventh participating regional operator (PRO) a year ago. It contributed its 14 properties comprising about 1 million rentable square feet to the REIT’s self-storage portfolio for approximately $115 million. In March, NSAT signed an agreement to add Florida-based Personal Mini Storage as the REIT’s eighth PRO. Personal Mini manages 40 facilities in mid-Florida comprising approximately 2.7 million rentable square feet.
SkyView is a boutique firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. Based in Tampa, the firm also has offices in Cleveland and Milwaukee.
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 456 storage facilities in 23 states. Its portfolio comprises approximately 28 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.