Cushman & Wakefield’s Self Storage Advisory Group has been exclusively retained to offer for sale the Extra Space 2-Property Self Storage Opportunity.

 

Take advantage of an excellent opportunity to acquire two nearly stabilized self-storage facilities with redevelopment and other value-add opportunities in South Florida and Orlando. Florida has remained among the top states for population growth, providing consistent demand for self-storage. The state’s business-friendly environment and thriving economy continue to attract investors on a national scale. Located in Pompano Beach and Orlando, the two facilities total 206,373 rentable square feet across a mix of 2,213 units.

 

The Pompano Beach facility is located along W Atlantic Boulevard, which stretches from Florida’s eastern coast to the Sawgrass Expressway. The facility is well positioned along the heavily trafficked road, with an average daily traffic volume of 47,000 vehicles driving in front of the property. Built in 1985, the 70,822 rentable square foot facility offers a mix of 885 climate-controlled, drive-up and locker units, with 41 open parking spaces. The property also includes a cell tower generating an additional ~$50,000 in annual revenue. The facility is comprised of 15 buildings sitting on 3.73 acres. There are currently plans to demo the leasing office and the adjacent buildings, Buildings B & C, into a 4-story climate controlled facility. Buildings B & C are presently vacant, so there will not be any rental income loss should the plans be built out. Building B is currently being repaired to bring the life safety up to standard to bring the units back online and Building C will require improvements from new ownership to bring them back into service (HVAC servicing and new unit doors). Within 5 miles of the property, there are over 15,100 residential units in various stages of construction, which provides a strong signal of continued growth in the area. The facility is currently achieving a square foot occupancy of 75% but is in the mid-90 percent range on units presently available for rent.

 

The Orlando property, located along the heavily trafficked Silver Star Road just north of downtown Orlando, offers a promising investment opportunity. Built in 1980, the facility spans 135,551 rentable square feet across a mix of 1,328 climate-controlled, drive-up, non-climate and locker units, an apartment, and billboard. The property comprising 18 buildings on 12.7 acres, benefits from a combined average daily traffic volume of 44,900 vehicles. The facility is situated in a densely populated trade area, with just under 100,000 residents within a 3-mile radius. The population is expected to grow, with over 9,650 residential units in various stages of planning and construction within 5 miles of the facility. The facility is currently achieving a square-foot occupancy of 76%, indicating significant potential for operational improvements.

 

Take advantage of an excellent opportunity to acquire two nearly stabilized facilities in two of Florida’s strongest self-storage markets. Both facilities benefit from over 44,000 average daily traffic volume going directly by each facility, and each property is in a high-visibility location. This opportunity is a pure value add play with significant operational and redevelopment upside.