BUYER: Cross Creek Self Storage LLC, (Cambridge Investment Co. LLC) Columbia, Md.
SELLER: Cross Creek Mini Storage LLC
PROPERTY: 18191 E. Meadows Road, Tampa
PRICE: $4.8 million
PREVIOUS PRICE: $545,000, March 2000
LAW FIRM ON DEED: Ronald E. Perez PA, Tampa
PLANS, DESCRIPTION: Columbia, Md.-based Cambridge Investment Co. LLC purchased the 69,984-square-foot Cross Creek Storage for $4.8 million.
The price equated to $69 per total square foot or $84 per net rentable square foot. That figure is higher than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.
Built in 2006, the facility has 56,830 net rentable square feet. The development featured 476 rentable units ranging in size from 25 to 375 square feet.
The 2.61-acre property features three one-story buildings surrounding a central, two-story building with units on both floors. It had a physical occupancy rate of 75% and an economic occupancy (current rental income as a percentage of the market-rate rental income at full occupancy) of 66%.
Michael Mele in Marcus & Millichap's Tampa office handled the sale.
“This is another example of a small, local owner selling to a large operator,” Mele says in a press release. “We will continue to see consolidation in the [self-storage] industry.”
The purchase comes on the heels of Cambridge Investment Co.'s acquisition of the 75,115-square-foot Storage King self-storage facility in Fort Myers for $3.88 million, or $52 per net rentable square foot.