One area of the commercial real estate industry that appears to remain in high demand is self-storage. A self-storage commercial real estate property is fitting today in Florida with many people owning more things than they are able to store at their homes. One out-of-state investor recently spent millions of dollars on a storage facility in Florida.
The self-storage facility, known as Value Self Storage, was sold to the buyer for nearly $6 million. The building spans 63,000 square feet and sits on a lot of almost three acres. It is located near well-known businesses such as Applebee's, Advance Auto Parts and PNC Bank.
Value Self Storage offers large, medium and small storage units, along with boat and RV storage, and it does have other locations in Florida. The recent sale is the facility's first since it was erected back in 2001. The enterprise value, or total value, of the facility was more than $11 billion earlier this year. The real estate investment trust subsidiary that purchased the facility is known to engage in long-term sale leasebacks.
Florida's commercial real estate market, including self-storage facility properties, continues to show signs of health, so investors may benefit from exploring deals that spring up during the remainder of 2015. A commercial deal, however, can be complicated due to matters such as zoning and taxes; if not addressed appropriately, this type of transaction may end up falling through. Proper legal guidance may help people to facilitate Florida commercial deals in a manner that is favorable for them, now and in the future.
Source: bradenton.com, "University Parkway Value Self Storage sells for $5.8 million", Janelle O'Dea, June 24, 2015