TAMPA, FL—Self-storage may not be trading at the velocity of 2006, but it’s still trading. Marcus & Millichap is seeing its fair share of the deals but others have their eyes wide open to the opportunity.
For example, M&M just brokered the sale of Apollo Beach Mini Storage, a 39,310-square foot self-storage facility located in Apollo Beach, FL. The self-storage facility sold for $2.15 million.
“The strength and volume of offers received on this asset is a testament to the wide range of investors interested in stabilized facilities like Apollo,” says Luke Elliott, an investment specialist at M&M. Elliott and Michael A. Mele, a first vice president of investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in California. M&M also also procured the buyer of the property, a local private investor.
Built in 1999, Apollo Beach Mini Storage is a fully stabilized self-storage facility located at 313 Apollo Beach Boulevard. It offers 366 units. The self-storage property spans 10 single-story buildings stretching across 2.73 acres of land. RV and boat storage is also on site.
M&M is about to get some competition, though. JLL just brought a self-storage specialist on board. GlobeSt.com’s Kelsi Maree Borland reports Brian Somoza has joined JLL as managing director to focus on the nationwide sales and acquisitions of self-storage properties.
Meanwhile, panelists at REISA’s Spring Symposium shared about three asset classes that are poised for growth—and self-storage is one of them. “We’ve been buying self-storage every year since 2005 and have seen traditional cap-rate compression, but also development opportunities,” GlobeSt.com’s Carrie Rossenfeld reports Michael Schwartz of Strategic Storage Holdings as saying. “The lease-up opportunities from 2008-2011 are gone. We are now in a five-year phase of development.”