EXR-Managed Storage: Lehigh Acres

EXR-Managed Storage: Lehigh Acres2020-02-24T16:11:40-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Lehigh Acres.

Market Bid
NRSF – 49,880

5500 Timmers Lane
Lehigh Acres, FL 33971

EXR-Managed Lehigh Acres consists of 49,880 rentable square feet on approximately 2.17 acres of land. The facility offers 512 fully climate-controlled units, ranging from 25 square feet to 300 square feet. The class A property opened in early August, 2019 and is leasing-up at a rapid pace. As of February 1st, the facility has a physical occupancy of 45 percent. To ensure a secure premise, the facility is equipped with 24-hour video surveillance and electronic keypad access. The subject property offers premium frontage along Lee Boulevard, which offers impeccable access to all the densely-populated regions of the Fort Myers Metro Area.

The site is ideally located in a rapidly-growing suburb of Lehigh Acres; a key component of the Cape Coral-Ft. Myers Metropolitan Statistical Area. The newly-constructed facility will benefit from an annual three-mile growth rate of 2.6 percent from 2019 to 2024, far surpassing the national average. EXR-Managed Lehigh Acres offers convenient access to and from Lee Boulevard, which sustains a traffic count of over 44,000 vehicles per day. The property is within close proximity to State Route 82 and Interstate 75, witnessing vehicle counts of over 26,000 and 75,000 daily. Additionally, the site is within close proximity to downtown Ft. Myers and several popular vacation destinations, including Fort Myers Beach and Sanibel Island. Fort Myers is the county seat and commercial center of Lee County, Florida. The city is the gateway to the Southwest Florida region and continues to serve as a major tourist destination, drawing in a consistent flow of traffic on an annual basis.

The newly-constructed, class A facility offers multiple upsides in a rapidly expanding corridor. EXR-Managed Lehigh Acres offers superior construction and premium amenities, including elevator access and a wide variety of storage options to cater to the region’s demand. The site also has an additional 20,000 gross square feet of expansion potential adjacent to the parcel. An investor can advantageously capitalize on a full lease-up phase and further benefit by raising rentals to meet the comparable average upon stabilization. The subject represents a rare opportunity to acquire a state-of-the-art asset in a high-growth suburb of Ft. Myers, Florida.

Investment Highlights:

  • Rapid Lease-Up Activity Since Opening in Late August 2019; the Site is Currently 45 Percent Physically Occupied After Just Five Months
  • Annual Three-Mile Population Growth Rate of 2.6 Percent from 2019 to 2024, Which is Greater Than Three Times the National Average
  • 20,000 Gross Square feet of Expansion Potential Adjacent to the Parcel
  • Average Household Income of Over $82,000 Within Three Miles
  • Capitalize on a Rapid Lease-Up Phase in a High-Growth Corrdior with a Strong Demand for Storage
  • Raise Rental Rates to Meet the Comparable Average Upon Stabilization
  • Prime Visibility from Lee Boulevard with a Traffic Count Exceeding 44,000 Vehicles Per Day
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as EXR-Managed Storage: Lehigh Acres.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.