CPA:18 – Global, an affiliate of global net-lease real estate investment trust W. P. Carey Inc., recently acquired a self-storage facility in Naples, Fla., for $16.4 million. The Fibber McGee’s Closet property comprises 184,891 net rentable square feet in 1,214 storage units and 60 vehicle-storage spaces on 14.31 acres.
The facility at 571 Airport Road was built in 1974 and is about 10 minutes from downtown. Naples is ranked as one of the wealthiest cities in the United States, with the sixth highest per-capita income and the second highest proportion of millionaires per capita in the U.S., according to BayView Advisors (BVA), an investment-sales and advisory firm, which brokered the deal.
Jay J. Crotty, managing partner, and Thomas A. Doyle, senior vice president, at BVA, represented the buyer and seller in the transaction. “This sale represents one of the largest single-property self-storage transactions in Florida,” Crotty said. “The property was well-located in an infill section of Naples and offered the buyer upside opportunity through more professional management. This transaction speaks to the continued strength of the Florida economy and is another example of industry consolidation.”
BVA specializes in the self-storage market. Company agents have completed more than $1 billion in transactions in their careers, officials said in a press release.
New York-based W. P. Carey is an investment-management company that oversees a global investment portfolio. It manages a series of non-traded REITs with assets under management of approximately $8.3 billion. The company’s enterprise value is approximately $9.8 billion. It provides companies worldwide with long-term sale leaseback and build-to-suit financing, and engages in other types of real estate-related investment.