Pinellas County, FL Self-Storage Facility Sells for $10.2 Million

Gandy at 4th Street Storage, St. Petersburg, FL

ST. PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Gandy at 4th Street Storage, a six-building, 720-unit self-storage facility in St. Petersburg, Fla.

The $10.2 million sales price equates to $143 per square foot. Michael Mele, a senior vice president investments in Marcus & Millichap’s Tampa office, represented the seller, a local developer, and the buyer, a national self-storage real estate investment trust.

            “The asset is a premier self-storage facility located in an area of St. Petersburg that is experiencing an apartment and retail construction boom,” says Mele. “This is the highest price per square foot we have seen since the downturn.”

Michael A. Mele

            The property is located at 10111 Gandy Blvd. in St. Petersburg near the intersection of Gandy Boulevard, which receives traffic counts of 48,620 vehicles per day, and 4th Street, which produces a daily traffic count of 38,000.

The current population within three miles of the property is more than 47,000. Interstate 275, the major thoroughfare that connects Pinellas and Hillsborough counties is approximately two miles away. 

Other commercial properties in the neighborhood include Vantage Point Condominiums, Baypoint Commerce Center and the popular and historic Derby Lane Greyhound Track.

            Constructed in 2007, Gandy at 4th Street Storage is one of the newest self-storage facilities in Pinellas County. 

The facility is 82 percent climate-controlled. Units are range in size from nine square feet to 300 square feet. 

All of the buildings feature stucco exteriors with reinforced modular metal framing. Access to the facility is granted through an electronic keypad entry system and digital video surveillance cameras are prevalent throughout. An on-site rental office allows for easy management and provides additional income through the sale of moving supplies.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

Marcus & Millichap

(925) 953-1716