Marcus & Millichap Sells $48M Self-Storage Portfolio in Tampa Bay

Marcus & Millichap sold three self-storage facilities located within the Tampa-Saint Petersburg-Clearwater MSA for nearly $48 million.
Saint Petersburg self-storage facility

St. Petersburg Self-Storage Facility

TampaMarcus & Millichap has announced the sale of a three-property, 2,291-unit self-storage portfolio located in and around Tampa. The total sales price for the properties equates to $47.9 million.

“There is vigorous demand for self-storage properties in Florida, especially for top-quality assets like these with historically high occupancies. The strength of the Tampa metropolitan statistical area (MSA), combined with the lack of supply, makes this portfolio highly valuable,” said in prepared remarks Michael Mele, senior vice president investments, Marcus & Millichap’s Tampa office.

Mele, and Luke Elliott, a Marcus & Millichap senior associate in Tampa, represented the seller, a real estate investment trust located in New York, and procured the buyer, a Pennsylvania-based REIT.

“The wide range of interested investors for this portfolio points to strength in secondary markets and strong momentum in the self-storage sector overall,” said Elliott.

Tampa Self-Storage Facility

Tampa Self-Storage Facility

Located in Saint Petersburg, Fla., Palm Harbor, Fla. and Tampa, the portfolio consists of three institutional-quality self-storage properties, ranging from 12 to 600 square feet totaling 223,903 net rentable square feet, which include climate-controlled and non-climate-controlled units. The assets are located within the Tampa-Saint Petersburg-Clearwater metropolitan statistical area, the third-largest MSA in the Southeast and the second-most heavily populated MSA in Florida.

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company recently also closed the sale on Diamond Self Storage, a 45,000 square-foot facility located in Beverly Hills, Fla.

Images courtesy of Marcus & Millichap