American Personal Storage Sells Miami-Area Asset

The company sold the recently renovated 602-unit facility for more than $7 million, public records show.
1849 SW South Macedo Blvd. Image courtesy of Cushman & Wakefield

American Personal Storage has sold a 602-unit, 69,219-square-foot self storage property in Port St. Lucie, Fla., to a joint venture between First Neck Self Storage and Snapbox Self Storage. The latter will operate and manage the facility. The buyer paid $7.2 million for the asset and received a one-year, $6 million acquisition loan from Citibank, according to public records. Cushman & Wakefield assisted the seller in the transaction. At the time of closing, the property was 87 percent occupied.

Located on 5 acres at 1849 SW South Macedo Blvd., the facility comprises nine buildings completed in 1986. The seller recently executed renovations at the property, which included a cosmetic upgrade, an improved lighting system and the addition of a boat/RV parking area. The facility provides 256 climate-controlled and 294 non-climate-controlled units, ranging from 25 to 510 square feet. The property features drive-up access, security cameras, electronic gates and keypad locks.

The Cushman & Wakefield brokers involved in the deal included Vice Chairman Mike Mele and Executive Managing Director Luke Elliott. Earlier this month, a team that included Mele and Elliot arranged the sale of a 541-unit, 58,500-square-foot self storage facility in Long Island, N.Y., on behalf of Four Storage Group.