Are you in the market to purchase a self storage facility? Two facilities? How about three of them? If you have a cool $25 million, then Marcus & Millichap has a deal for you. They represent Safeguard Self Storage, who has three properties up for sale. Safeguard is willing to sell the properties as a portfolio or as individual facilities. The selling price averages out to $111 per square foot.
One facility is the Tampa facility located in the Carrollwood area. It is 86% occupied. It has 705 units with 75,525 square feet. All units have climate control. The facility also has video surveillance, individual door alarms, and a facility wide intercom system.
Another property is the Palm Harbor facility which is 20 miles northwest of Tampa. It was built in 2001 and has 670 units that have 83,350 square feet. Eighty-percent of the units are climate controlled. There are also 79 boat and RV spaces. It was built in 1999 and currently is 85% occupied.
The third facility is in St. Petersburg and has 875 units with 66,694 square feet. Five-hundred-and-ninety-three units are climate controlled. There are 10 RV and boat storage units. It was built in 1987 and currently is 78% occupied.
Michael Mele, a first vice president investments and senior director of Marcus & Millichap’s National self-Storage Group, is representing Safeguard Self Storage. He stated that it is rare in Tampa to have three properties for sale at the same time. He has been working in the Tampa area for 13 years and hasn’t seen a portfolio with as much square footage and with such good quality as this one currently for sale by Safeguard.
Safeguard Self Storage opened its first facility in 1989 in New Orleans. Since then, the company has grown and has additional facilities in Louisiana and in Florida, Illinois, New Jersey, New York, and Pennsylvania. Their headquarters, once located in New Orleans, is now located in Atlanta. (They moved their headquarters following the devastation that Hurricane Katrina wrecked. Let’s hope that Hurricane Isaac won’t do any damage to their new headquarters!)
Marcus & Millichap opened their doors for business in 1971. They have over 1,000 brokers in markets throughout the United States. In 2011, they closed 5,085 investment transactions for private and institutional investors. Some of these transactions included the sale of self storage facilities, hotels/motels, apartment properties, industrial buildings, shopping centers, and senior housing facilities.
“Three-Property Self-Storage Portfolio Listed for $25M.” GlobeStreet. 29 August 2012.