Seagate Development Group has sold a pair of self-storage facilities, complexes it built in 2019 and 2020, to Public Storage. Terms of the acquisitions weren’t disclosed.
The facilities are at Arbor Towne Square Shopping Center, 10688 Colonial Blvd., Fort Myers and 20091 Tiburon Way, Estero. SW Management & Realty LLC – a Seagate Development Group affiliate – was the broker in the transaction, according to a statement.
Seagate developed and constructed the facilities after eight months of research and due diligence, including a site selection from among six potential sites. The result was Arbor Towne’s 76,000-square-foot facility, with 663 units, and University Storage, a 63,275-square-foot, three-story building with 601 units.
“As we began to achieve our occupancy goal, we realized it was time to take advantage of the market’s interest in this type of asset,” says Bill Price, Chairman & Partner at Seagate Development Group, in the statement. “Public Storage is the largest brand of its kind in the U.S., so we’re leaving these facilities in more than capable hands, while we tend to more opportunities of this nature and fulfill Southwest Florida’s demand for more storage space.”
Seagate currently owns a CubeSmart self-storage facility at 5320 Useppa Drive in Ave Maria, a partnership with Ave Maria Development.
Seagate Development Group is a full-service development company specializing in a design-build process via new construction, custom renovations, interior design, and management and leasing services. The company had $65.5 million in revenue in 2019.