Self-Storage Asset Changes Hands in Sarasota County
- Oct 10, 2016
North Port, Fla.—The Mele Group of Marcus & Millichap has arranged the sale of Patriot Self Storage of Talon Bay, an 849-unit self-storage facility in North Port. The property is the second component of the two-facility Patriot Self Storage portfolio.
Patriot Self Storage of Talon Bay is located in a dense residential area in North Point, just 400 feet away from the Tamiami Trail—U.S. Route 41—and near Interstate 75 and Florida State Road 776. National retailers in the vicinity include Publix Supermarket, Lowe’s, T.J. Maxx, Five Guys and CVS. Overall, the facility provides 746 climate-controlled units and 103 non-climate-controlled units that range in size from 20 to 300 square feet.
“The North Port-Sarasota-Bradenton MSA is experiencing one of the country’s highest migration rates, a trend that is favorable to the region’s self-storage assets,” Michael Mele, a senior director of Marcus & Millichap’s National Self-Storage Group, said in prepared remarks. “North Port has the highest population in the MSA, which should support the growth of this asset. At the time of the sale, Patriot Self Storage of Talon Bay was nearly 80 percent physically occupied and just under 70 percent economically occupied.”
Mele, along with Luke Elliott, NSSG director, represented the seller and procured the buyer.
“Patriot Self Storage represents a Class A asset in a tertiary yet notably growing market. We had offers from a variety of buyers nationwide, from REITs to regional operators, further indicating the need to migrate into smaller markets in search of yield,” added Elliott.
In a recent transaction, The Mele Group of Marcus & Millichap has also arranged the sale of Patriot Self Storage of Bobcat Trail, an 818-unit facility representing the first component of the Patriot Self Storage portfolio in North Port.
Image courtesy of Marcus & Millichap