Three Self-Storage Facilities Trade Hands in Tampa, FL

Safeguard Self-Storage, Tampa, FL

 TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Safeguard Self Storage Portfolio, a three-property, 2,250-unit, 225,569-net-rentable square foot self-storage portfolio located in the Tampa Bay Area.

The total sales price of approximately $25 million equates to over $110 per square foot.

Michael A. Mele, a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group, represented the seller, Safeguard Self Storage. The buyer is W. P. Carey.

Michael A. Mele

“With a current cap rate just north of six percent, this portfolio brings together three strong performers in an equally strong market,” says Mele. “Tampa’s self-storage occupancy rates spiked 200 basis points in the second half of this year, and with growth in the metro projected to accelerate to 1.4 percent each year and the jobless rate tightening below 9 percent, the new investor should see reliable revenue for the foreseeable future.”

“Our marketing of the portfolio resulted in nine official offers,” Mele adds, “and we went under contract in approximately 60 days.”

The three properties are:

• 31100 U.S. Hwy. 19 North, Palm Harbor
• 3708 West Bearss Ave., Tampa
• 2501 22nd Ave. North, St. Petersburg

  Each property in the Safeguard Self Storage Portfolio is highly visible with street frontage and conveniently located in close proximity to major retailers and Gulf Coast beaches. The facilities include both climate-controlled and nonclimate-controlled storage units. Amenities include gated electronic access, video surveillance and managers’ offices.

The Tampa Bay metropolitan region is home to 2.8 million residents and a workforce of 1.9 million people.

 Contact:

 Public Relations

(925) 953-1716