Tampa Bay MSA Self-Storage Portfolio

Tampa Bay MSA Self-Storage Portfolio2019-05-31T14:00:38-04:00

Project Description

The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale the Tampa Bay MSA Self-Storage Portfolio.

$4,250,000
NRSF – 29,660

2401 Anvil Street North
St. Petersburg, Florida 33710

Acquisition of the self-storage portfolio demonstrates an excellent opportunity to acquire two stabilized facilities in the Tampa Bay, Florida Metropolitan Statistical Area. The subjects are situated approximately 15 miles from one another, allowing for efficient management of the two assets from one centralized location. The locations are densely-populated with high renter-occupied populations, historically demonstrating a higher utilization of storage. There is a portfolio-wide physical occupancy of 86.4 percent, which is indicative of the need for self-storage within the region. As indicated by the portfolio-wide high occupancies, an investor can enhance cash flow through raising rates to match each market’s average; both facilities currently offer storage at rates below market value. Additionally, there is an opportunity to convert the current unit style into traditional storage units for security and consumer privacy; the facilities currently utilize outdated fencing to divide the units. The subject properties boast leveraged IRRs of 18.8 percent and 19.5 percent in years five and seven. Overall, the facilities offer numerous value-add opportunities within one of the fastest-growing metro areas in the nation.

Of the two self-storage facilities, the portfolio has 746 fully climate-controlled, ground-level units across 29,660 rentable square feet. The subjects offer truck rentals, tenant insurance and on-site packing and moving supplies for additional revenue sources. Each facility’s advantageous location in thriving residential and commercial corridors allows the subjects to generate business from a wide array of tenants compared to competitors. The properties have been well-maintained and offer a wide-variety of fully climate-controlled options to accommodate Florida’s year-round climate.

The properties offer convenient access to several heavily-frequented thoroughfares within the region. The St. Petersburg facility offers excellent accessibility to primary thoroughfare U.S. Highway 19, which sustains a traffic count in excess of 30,000 vehicles per day. The property is also within a mile of 66th Street North, which witnesses traffic counts of over 40,000 vehicles per day. 22nd Avenue North is approximately 0.4 miles from the subject and has a traffic count of over 19,000 vehicles per day. The Clearwater facility is approximately two miles from U.S. Highway 19, witnessing traffic counts of over 70,000 per day. Gulf to Bay Boulevard is approximately one mile from the Clearwater property, sustaining a vehicle count in excess of 50,000 per day.

Clearwater and St. Petersburg are principal cities of the Tampa Bay Area, known as the Tampa-Saint Petersburg-Clearwater, Florida Metropolitan Statistical Area. Both are part of Pinellas County; the region is home to over 900,000 individuals and offers several natural amenities and resources along Florida’s West Coast. Pinellas County is a major hub to several Fortune 500 companies, including Nielsen, HSN and Jabil Circuit. The Tampa-Saint Petersburg-Clearwater Metro Area is among the most populated in Florida and offers a desirable tropical climate with unrivaled natural amenities.

Investment Highlights:

  • Rare Opportunity to Acquire Two Facilities with Forward-Looking Financials Within the Densely-Populated Tampa Bay, Florida MSA
  • Portfolio Boasts a High Physical Occupancy of 86.4 Percent with Potential to Raise Rates to Match the Markets’ Averages; Both Facilities Rates are Below Market
  • Potential to Convert the Current Style to Traditional Storage Units for Security and Consumer Privacy
  • Strong Leveraged IRRs of 18.8 Percent and 19.5 Percent in Years Five and Seven
  • Facilities Strategically Located at a Maximum Distance of 15 Miles from One Another, Allowing for Efficient Management of the Two Assets from One Centralized Location
  • Population of Over 99,000 Individuals Within Three Miles of the St. Petersburg Facility and Over 120,000 Within Three Miles of the Clearwater Property
  • 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 the Tampa Bay MSA Self-Storage Portfolio, located in Clearwater and St. Petersburg, 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.