EXR-Managed Storage: Tampa

EXR-Managed Storage: Tampa2019-05-13T13:11:38-04:00

Project Description

The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Tampa, located in the heart of the Tampa Bay Area.

Offers Due May 16, 2019
NRSF – 74,940

2320 West Hillsborough Avenue
Tampa, FL 33603

Converted in 2016, the multistory self-storage facility offers 74,940 rentable square feet and 676 modern storage units. From climate-controlled and non-climate controlled storage units, ranging in size from 25 square feet to 1,050 square feet, to boat/RV parking spaces, the property caters to the surrounding area’s comprehensive storage needs. The occupancies are indicative of a successful lease-up phase at a current 88.1 percent physical occupancy and 68.6 percent economic occupancy, with the ability to further add units on the extensive property’s second floor. The professionally-managed facility has multiple loading bays and is secured by on-site management, 24-hour video surveillance and keypad access. Strategically, the property boasts multiple streams of revenue, including a strong tenant insurance program and two parking leases to utilize the spacious lot occupied by its tenants, along with the overall high volume of tenant traffic at the storage site.

The facility resides on approximately 4.78 acres and benefits from its impeccable situation at 2320 West Hillsborough Avenue in Tampa, Florida; this location is on the signalized intersection of Hillsborough Avenue and Armenia Avenue, resulting in a combined traffic count of over 91,100 vehicles daily. Hillsborough Avenue individually sees over 66,500 vehicles daily, while Armenia sees over 24,500 vehicles daily; the site is advantageously accessible from both thoroughfares. The intersection houses national retailers, including Publix, CVS, Thornton’s and numerous others to match the populous location. Within a five-mile radius is a population of 315,479 individuals and 126,512 households, while the three-mile radius also boasts a large population of 133,194 individuals and 51,704 households. The five-mile population is projected to rise by 7.5 percent within a five-year span from 2019 to 2024, exceeding national growth. Furthermore, both radiuses have a population that is over 50 percent renter-occupied; historically, renters utilize storage at a higher rate than owners.

EXR-Managed Tampa is poised to continue its growth as the area itself continues to benefit from an influx of residents and national retailers migrating into the corridor. With high-traffic counts along the Hillsborough-Armenia intersection, the opportunity leaves room to capitalize on optimal signage to enhance visibility. Upon stabilization, an investor can further expand the facility by taking advantage of the vacant second floor of the facility and outfitting the area for storage units to meet the growing demand, along with raising facility rates that are below market, such as the property’s 10×10 climate-controlled units at $25 beneath immediate competitors. The property is equipped with quality features and units, ensuring success for years to come in a prime location, and benefits from many streams of additional revenue in place. These major upsides are paired with forward-looking financials entailing both a projected stabilization and a cash-on-cash return of 11.2 percent in year two. With the facility’s ideal location on a well-traveled thoroughfare in an area swelling in population growth, the site advantageously resides in Hillsborough County’s City of Tampa, a principal of the Tampa Bay Area, one of the fastest-growing metro areas in the country. The county alone has a population higher than that of 10 states, and ranks outside of the Miami counties as the most populous in Florida.

Investment Highlights:

  • Multistory Self-Storage Facility Converted in 2016 with Professional Management and a Successful Lease-Up Phase
  • Boasts Several Streams of Revenue in Place: an Effective Tenant Insurance Program and Two Parking Leases to Utilize the Spacious Parking Lot
  • Multiple Loading Bays for Ease of Migrating Belongings into Storage
  • Growth Potential Through Raising Rates Currently Below Market, Expanding the Facility to Offer Storage on its Second Floor and Implementing Stronger Signage for Enhanced Visibility on Heavily-Traveled Thoroughfares
  • Forward-Looking Financials, Including a Year Two Projected Stabilization and a Cash-on-Cash Return of 11.2 Percent
  • Lease-Up Activity Demonstrating a Current Physical Occupancy of 88.1 Percent
  • Impeccable Location on the Signalized Intersection of Hillsborough Avenue and Armenia Avenue, Resulting in an Intersection Traffic Count of Over 91,100 Vehicles Daily and Housing National Retailers Publix, CVS and Thornton’s, Among Others
  • High Renter-Occupied Housing Population Exceeding 50 Percent in the Heart of the Tampa Bay Area’s Principal City, with a Three-Mile Population of 133,194 Individuals
  • Sign CA to Download OM & Financials

  • 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: Tampa, located in Tampa, FL.

    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.