The facility has been sold for $11.8 million
June 24, 2015
: Westport Properties, a real estate investment company that acquires, develops and operates self-storage
facilities under the US Storage Centers brand, recently purchased Vista Self Storage in Orlando, Fla.
“This is a perfect example of how hot the self-storage market is,” said Michael Mele, senior director of the National Self-Storage Group at Marcus & Millichap Real Estate Investment Services, which brokered the transaction. Mele represented Westport and the seller, Florida-based Vista Self Storage Co”.
According to an article in “The Wall Street Journal” the price was a substantial premium over the $100-a-square-foot average sales price commanded by storage properties in the Orlando market.
According to a source, the property at 6707 Narcoossee Road received bids from 18 potential purchasers, including several real estate investment trusts.
The facility was established in the year 2003 and it was expanded in the year 2005 and renovated in the year 2014. The facility has 97,300 square feet of storage space in 696 units.
Jason Lopez, marketing vice president, said that “we continue to see overall population growth in Orlando, which has correlated with an increase in demand for self-storage. This is an exciting market and we expect to see an increase in revenue and growth with the implementation of our advanced marketing and operations platforms.
Visit http://www.insideselfstorage.com/ for more information.