Sovran Acquisition Limited Partnership, an entity of real estate investment trust Sovran Self Storage Inc., purchased Celebration Self Storage in Celebration, Fla., for $11.25 million from Celebration Self Storage LLC. The property at 475 Celebration Place encompasses 57,233 net rentable square feet of storage space on 13.28 acres of land. It includes 233 climate-controlled units, 113 traditional units and 115 vehicle-parking spaces.
Built in 2006 and expanded in 2008 and 2012, the facility is in a master-planned community developed by the Walt Disney Co. The neighborhood has high barriers to entry for new construction, according to a press release from BayView Advisors, the real estate firm that represented both buyer and seller in the transaction. “This allows Celebration Self Storage to effectively create its own market, as there are no competing self-storage facilities within a seven-mile drive of the facility,” said Jay J. Crotty, Bayview managing partner, who served as broker along with Thomas A. Doyle, senior vice president.
“This sale represents a record for one of the highest prices per square foot in the state of Florida,” Crotty added. “The price demonstrates the strong operating fundamentals in the self-storage market and the continued positive outlook for future job and population growth in the state.”
Buffalo, N.Y.-based Sovran operates more than 500 self-storage facilities in 25 states under the Uncle Bob’s Self Storage brand.
Headquartered in Tampa, Fla., BayView specializes in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales.