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National Storage Affiliates Trust acquires Stor-N-More Self Storage in Tampa, FL
The property comprises 117,655 net rentable square feet in 1,105 units

June 3, 2017: Based in Greenwood, Colo., National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, recently acquired Stor-N-More Self Storage in Tampa for $19 million through its affiliate, NSA Property Holdings LLC, according to a press release from SkyView Advisors, the investment-sales and advisory firm that represented the seller, Crosstown Stor-N-More LLC. 

Constructed on 7.02 acres in 2008, the facility includes 880 climate-controlled units and 70 spaces for vehicles and miscellaneous use, the release stated. The purchase price equates to $161.91 per square foot.

The population is 70,128 within a three-mile radius of the property and jumps to 164,162 when the radius is expanded to five miles, according to the release. “This property is a high-quality, class-A facility in a prime location,” said Ryan Clark, director of investment sales at SkyView.

The Stor-N-More website rolls over to Hide-Away Storage, which would suggest the facility will be branded under the Hide-Away name. Hide-Away became NSAT’s seventh participating regional operator (PRO) a year ago. It contributed its 14 properties comprising about 1 million rentable square feet to the REIT’s self-storage portfolio for approximately $115 million. In March, NSAT signed an agreement to add Florida-based Personal Mini Storage as the REIT’s eighth PRO. Personal Mini manages 40 facilities in mid-Florida comprising approximately 2.7 million rentable square feet.

SkyView is a boutique firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. Based in Tampa, the firm also has offices in Cleveland and Milwaukee.

Source: www.insideselfstorage.com