Southeast Florida Storage Asset Trades for $14M
- Oct 19, 2020
A joint venture between Merchants Retail Partners and a private investor has finalized the $14 million acquisition of Safe & Sound Palm City, a self storage property spanning 78,521 rentable square feet in Palm City, Fla. The new owner funded the purchase with a $10.3 million loan from ServisFirst Bank. A private investor sold the facility, according to Martin County records.
Located on 3 acres at 3501 SW Martin Downs Blvd., the property encompasses five buildings completed in 1994. The facility features 652 climate-controlled and 216 non-climate-controlled units ranging between 25 and 100 square feet. Safe & Sound Palm City has drive-up access, 24/7 video monitoring and a freight elevator. At the time of closing, the store had an occupancy rate of 94 percent.
CubeSmart oversees property management at the location. Situated within 4 miles of Interstate 95, the facility is 11 miles south of downtown Port St. Lucie, Fla. There are at least seven other self storage properties within a 5-mile radius.
Cushman & Wakefield Vice Chairman Mike Mele and Executive Managing Director Luke Elliott negotiated on behalf of the seller. Earlier this month, the duo closed the $6.9 million sale of a 63,550-square-foot self storage facility in Wilmington, N.C. Reliant Real Estate Management received a $5.3 million loan from F&M Bank for the purchase.