PORT ST. LUCIE, FL—Cushman & Wakefield's National Self-Storage Team recently arranged the sale of a 602-unit, 69,219-square-foot self-storage facility here. First Neck Self-Storage acquired the property from American Personal Storage, Inc. Snapbox Self-Storage will be the operating partner and property manager of the facility.

Mike Mele, C&W vice chairman, tells GlobeSt.com that when self-storage facilities hit the market, there continues to be considerable interest.

"This asset class is considered a hedge against recession," Mele says.

This sale is First Neck's fourth self-storage property in Florida, according to Jake Ramage, president & CEO of Snapbox Self-Storage and member of the First Neck Investment Committee. "Unexpected challenges required us to change our game plan at the last minute, but with the coordination between the Cushman team, the seller, our investor partners and the bank, we were able to obtain a new financing package within two weeks from the original closing date," he says in prepared remarks. "After we closed, our investor partners contacted us to say we pulled off a miracle."

While C&W continues to decline to answer questions about the effects of the coronavirus pandemic on deals, Mele did say, regarding self-storage facilities, "We are starting to see a slowdown in development."

The self-storage facility comprises 256 climate-controlled units and 294 non-climate-controlled units, ranging from 25 square feet to 510 square feet, as well as 52 rentable parking spaces. It was 87% occupied at the time of sale and impeccably maintained by the seller. Key features of the property include video surveillance, secure fencing, electronic gating and keypad entry. It recently received several capital improvements, including upgraded lighting, new paint and a new boat/RV parking area.

C&W says the property offers excellent visibility from Florida's Turnpike, which is one of the most-frequented commuter roadways in Florida. The facility is one of two storage facilities within a three-mile area that has a population of approximately 80,000 residents.

Instant Insights /

First Neck Self-Storage "Pulled Off a Miracle" With Recent Acquisition

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