Self Storage Facility For Sale in Tampa, FL

CB Richard Ellis is pleased to exclusively offer for sale the Space Plus Self Storage Centers, consisting of two Class A self storage facilities in the greater Tampa area. Consisting of more than 152,000 sf, this portfolio provides the buyer a unique opportunity to gain a substantial market presence with one portfolio acquisition. Space Plus Self Storage in New Tampa opened in 2000, and is comprised of 71,113 net rentable square feet housed in 8 single-story buildings and 1 four-story building. Local zoning restrictions and prohibitive development costs have aided in the superior performance of this asset. The New Tampa facility has in-place debt that must be assumed by the buyer. The terms of this debt are as follows: Remaining balance +$4,468,000; Interest rate of 6.68%; Amortization of 30 years; Term of 10 years that matures October, 2013. Priced at the easily achieved Year 1 Cap Rate of 8.00%, The New Tampa facility offers the buyer an opportunity to purchase a trophy asset with below market debt in-place and a strong stabilized cash flow. Space Plus Self Storage in Largo opened in February, 2007, and has experienced a steady lease-up to the current 33.6% occupancy. Recently completed road construction in front of the property has significantly impacted the lease-up of this quality facility. This property is a former Kmart shopping center that is comprised of 104,000 gross sf and 81,623 net rentable square feet on +7.49 acres. Strong demographics and high traffic counts provide the buyer with all necessary reassurances that the facility will continue leasing towards stabilization. The Seller is willing to consider very attractive owner financing for a period of 2-3 years to allow for the facility to stabilize. The terms of the owner financing will be negotiated on a buyer specific basis. The Largo facility offers the buyer an opportunity to purchase a strategically located Class A facility at a 10.5% cap rate at stabilization. These properties will be sold as one; however, all offers must be submitted individually for each property due to separate ownership structures.

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Contact:
Ashley Compton
CB Richard Ellis
Phone:(615)248-1130
Fax:(615)255-4610
www.cbre.com



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Last Updated: June 25, 2009