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Gandy at 4th Street Storage Sold to Self-Storage REIT for $10.2M

Gandy at 4th Street Storage, a six-building, 720-unit self-storage facility in St. Petersburg, Fla., recently sold for $10.2 million, or about $143 per square foot. The buyer was an unidentified self-storage real estate investment trust, according to a press release from Marcus & Millichap Real Estate Investment Services, which brokered the transaction.

September 25, 2014

1 Min Read
Gandy at 4th Street Storage Sold to Self-Storage REIT for $10.2M

Gandy at 4th Street Storage, a six-building, 720-unit self-storage facility in St. Petersburg, Fla., recently sold for $10.2 million, or about $143 per square foot. The buyer was an unidentified self-storage real estate investment trust, according to a press release from Marcus & Millichap Real Estate Investment Services, which brokered the transaction. 

Constructed in 2007, the property at 10111 Gandy Blvd. is one of the newest self-storage facilities in Pinellas County, according to the release. The buildings feature stucco exteriors with reinforced modular metal framing. Amenities include keypad entry, video cameras, and moving and packing supplies.

The facility is near the intersection of Gandy Boulevard, which receives traffic counts of 48,620 vehicles per day, and 4th Street, which produces a daily traffic count of 38,000, the release stated. The population within a 3-mile radius is more than 47,000. Interstate 275, the major thoroughfare that connects Pinellas and Hillsborough counties, is approximately two miles away. Other commercial properties in the neighborhood include Baypoint Commerce Center, Derby Lane Greyhound Track and Vantage Point Condominiums.

Michael Mele, a senior vice president of investments in Marcus & Millichap’s Tampa office, represented the buyer and the seller, a local developer. “The asset is a premier self-storage facility in an area of St. Petersburg that is experiencing an apartment and retail construction boom,” Mele said. “This is the highest price per square foot we have seen since the downturn.”

Marcus & Millichap has more than 1,300 investment professionals in offices throughout the United States and Canada. The company closed more than 6,600 transactions last year with a value of approximately $24 billion. 

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