Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Lowery’s True Value Storage, a 46,953-square-foot, three-property self-storage portfolio in Bushnell, Florida. The asset sold for $7.75 million.
“Self-Storage assets in Florida are still a desired investment opportunity for investors moving capital from less business-friendly states. Florida remains a top state for capital migration,” said Christopher Travis, first vice president investments.
“After receiving multiple offers on the portfolio at launch, the fed began aggressively raising rates. As we vetted offers, a buyer we had engaged with in a 1031 exchange became the clear favorite due to their strong terms and bullish outlook on self-storage in the Florida market,” added Hunter Robey, associate. “A good deal is a deal in which everyone wins, and I certainly believe all parties are walking away with a victory after a smooth transaction.”
Travis and Robey, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private Florida investor. The buyer, a private investment group from California, was also procured by Travis and Robey.
The Lowery’s True Value Storage Portfolio includes three properties located at 420 E Belt Avenue, 1224 W. C-48, and 1333 W. C-48. Each facility is less than 1.5 miles apart, situated on four separate parcels totaling 6.37 acres. The locally owned and operated properties feature 398 self-storage units and four retail spaces totaling 402 units. At the time of sale, the property was 97% occupied.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
