Tampa Bay Storage Opportunity

Tampa Bay Storage Opportunity2019-08-08T12:25:44-04:00

Project Description

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

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NRSF – 72,843

8119 Anderson Road
Tampa, FL 33634

The Tampa Bay Self Storage Opportunity is comprised of 72,843 rentable square feet on approximately 6.61 acres of land. The facility offers 448 fully climate-controlled units, 248 non-climate-controlled units and 50 boat/RV parking spaces for a total of 747 total units. To ensure a secure premise, the facility is equipped with 24-hour video surveillance and electronic gating. The subject has physical and economic occupancies of 86.1 and 72.4 percent, respectively. An investor can capitalize on the facility’s current lease-up phase; the site recently converted 56 units from non-climate-controlled to fully-climate-controlled in December 2018. The site offers excellent frontage along Anderson Road and convenient access to all the well-renowned amenities and resources in the Tampa Bay Area.

The facility is located at the center of an active retail corridor in the thriving MSA. The site benefits from the surrounding population of over 109,000 individuals within three miles, in addition to a projected annual three-mile growth rate of 1.1 percent from 2019 to 2024. The subject offers convenient access to and from Anderson Road and Waters Avenue, with traffic counts exceeding 26,000 and 46,000 vehicles per day. Additionally, the site is within a mile of the Veterans Expressway; a major commuter roadway which sustains a traffic count of over 69,000 vehicles daily. The Tampa Bay Metro Area is one of the fastest-growing regions in the country with over three million people.

The Tampa Bay Self Storage Opportunity allows an investor the unique opportunity to acquire this storage asset with multiple upsides in a top-10 metro area. The property has forward-looking financials with cash-on-cash returns of 10.0 and 13.7 percent in years one and two, in addition to a projected leveraged IRR of 20.0 percent in both years five and seven. Additionally, the subject’s growth potential is reflected in a proforma cap rate of 7.19 percent. An investor can increase profits by implementing tenant insurance and a truck rental program. Furthermore, the opportunity represents a rare advantage in obtaining a well-maintained facility in a thriving suburb of the Tampa Metropolitan Area.

Investment Highlights:

  • Capitalize on the Lease-Up Phase from Recent Unit Conversion
  • Prime Frontage Near the Anderson-Waters Intersection with 72,000+ Vehicles Daily
  • Cash-On-Cash Returns of 10.0 Percent and 13.7 Percent in Years One and Two
  • Leveraged IRR of 20.0 Percent
  • Over 109,000 Individuals Within Three Miles
  • Projected Three-Mile Growth Rate of 1.1 Percent Annually
  • Well-Located in a Top 10 Metropolitan Area
  • 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 Tampa Bay Self Storage Opportunity, 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.