BUYER: Holiday Storage 17 FL LLC (W.P. Carey Inc.), New York City
SELLER: Value Self Storage at Holiday LLC
PROPERTY: 3118, 3122 and 3132 U.S. 19, Holiday
PRICE: $3.5 million
PREVIOUS PRICE: $2.5 million, May 2003
LAW FIRM ON DEED: Van Winkle & Sams PA, Sarasota
PLANS, DESCRIPTION: CPA: 17 Limited Partnership, an investment fund managed by W.P. Carey Inc., purchased the 82,295-square-foot Holiday Self Storage facility for $3.5 million.
The price equated to $43 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.
The eight-building storage facility was originally built in 1975 and expanded in 1981. The five-acre property also includes a carwash.
It has a physical occupancy of 90.8%, and an economic occupancy, which reflects lower than market rents and other discounts or incentives, of 77.3%.
“There were solid demographics in the area,” says Liz Raun Schlesinger, executive director of W. P. Carey. “It has excellent access and visibility, and it improves our [economies of] scale in Florida...”
The new ownership plans to rebrand it as Extra Space Storage and to improve its exterior.
Founded in 1973, W. P. Carey Inc. is a publicly traded real estate investment trust that specializes in long-term sale-leaseback and build-to-suit financing. It manages an investment portfolio valued at $15.8 billion. Earlier this year, the fund, CPA: 17 Limited Partnership, purchased the 53,720-square-foot Quality Self Storage facility in Clearwater for $4.43 million (equal to $82 per square foot). The fund owns a total of 151 self-storage facilities.