Southern Self Storage Buys North Port Facility
- Oct 04, 2016
The company paid $7.6 million for the storage center, which sits on 7.5 acres at 2245 Bobcat Village Center Road, and an additional $2 million for the business and goodwill, the Herald-Tribune reported.
The sale was arranged by Marcus & Millichap. SVP of Intestments Michael Mele Associate VP of Investments Luke Elliott, both with the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an affiliate of PASSCO Cos. The team also secured and represented the buyer.
“This was a Class A asset in a tertiary market that the developers had done a phenomenal job with. The buyer pool encompassed regional and national groups,” Elliott said in prepared remarks.
Built in 2009, Patriot Self Storage of Bobcat Trail, now called Southern Self Storage, totals 83,400 rentable square feet and 103,990 gross square feet. The facility is situated near Interstate 75, in a dense residential area with many national retailers in the vicinity. The North Port-Sarasota-Bradenton metropolitan statistical area is currently experiencing one of the highest domestic migration growth rates in the country. North Port comprises the highest land mass and population in the MSA.
Southern Self Storage operates five other storage facilities in Florida and one in Georgia.
Image courtesy of Marcus & Millichap