Marcus & Millichap’s Mele Storage Group Lists Two-Property Portfolio in Densely Populated Florida Co

From: Self Storage Promotions
Published: Thu Jan 04 2007

As self-storage investors look to capitalize on industry trends, a two-property portfolio in Central Florida offers everything they are looking for – and more. Marcus & Millichap’s Mele Storage Group has the exclusive listing on a duo of soon-to-be-completed state-of-the-art storage facilities.

Currently under construction, the Watermark Development Group in Tampa Bay is offering two Class A facilities: Gandy at 4th Street Storage and Armor Storage. These individual properties offer a one-two investment punch that includes climate-controlled self-storage units and a covered RV and boat facility.

The opportunity is clear. U.S. demand for recreational boating will reach $16.7 billion in 2009, according to market researcher The Freedonia Group. And the number of RV-owning households in the U.S. is expected to rise to nearly 8.5 million by 2010, with "rolling mansions" costing $1 million or more becoming more common, according to the Recreational Vehicle Industry Association. As for traditional self-storage, gross revenue for the industry was $18.5 billion in the U.S. alone in 2005, the Self Storage Association reports.

"This portfolio of properties gives storage investors the opportunity to immediately enter into one of the fastest-growing storage trends in the market today: RV and boat storage," said Michael A. Mele, senior investment associate at Marcus & Millichap’s Mele Storage Group. "These are unique urban opportunities in regions where a high percentage of renters continue to absorb self-storage."

Gandy at 4th Street Storage is located in Pinellas County’s St. Petersburg, the most densely populated county in the state – and still growing. This prime property fronts Gandy Boulevard close to the Gandy Bridge, one of the city’s busiest thoroughfares with more than 32,000 cars traveling back and forth from St. Petersburg to Tampa each day. In 2005, more than 125,000 vehicles passed by the facility’s site on a daily basis.

Gandy at 4th Street Storage is a brand new Class A facility that offers 68,667 of rentable square feet and 649 units ranging from 3X3 lockers to 10X30s and 15X20s. The six-building complex is less than two miles from Interstate 275, another main thoroughfare between Tampa and St. Petersburg. There are nearly 57,000 households and 126,00 people within a five-mile radius of the facility, and a whopping 58 percent are renter-occupied. A large number of those renter-occupied housing units are within one mile of the facility, assuring a strong and continued demand for self-storage. More than 500 units are climate-controlled and the entire facility features block wall and gate access.

"This property is ideal for savvy investors looking for facilities in prime locations," said Mele, who is also president of the Florida Self Storage Association. "You’ve got all the ingredients for growth at Gandy at 4th Street – rapid population growth, high renter population, and high population density. This property portfolio won’t last long."

The second property, Armor Storage, offers traditional storage as well as covered RV and boat storage facility in Spring Hill. This facility is located along County Line Road, another major thoroughfare in the Tampa Bay area. Armor Storage calls Pasco County home. Pasco County is the 38th fastest growing county in the nation with a population growth of 5.2 percent a year. With high traffic counts at this strategic location, there is room for revenue growth at the on-site car wash from storage and non-storage customers alike.

Armor Storage offers 317 units ranging in size from 5X5 to 25X14 at its 36,335-net-rentable-square-foot facility. The site is strategically situated five miles from U.S. 19., a high-trafficked roadway. There are 32,782 households within a five-mile radius and a projected population growth of 15 percent by 2010. This Class A facility is fenced and offers climate-controlled units.

"Construction on these properties will soon by completed and the lease up projections are healthy," Mele said. "Watermark Development Group has a solid reputation for developing successful properties. These two developments will follow that lead."

This two-property portfolio is listed at $16.275 million exclusively by Marcus & Millichap’s Mele Storage Group. For more information on the financial terms of the deal, contact Marcus & Millichap’s Mele Storage Group at 813.287.9777.

About The Mele Storage Group
Led by East Coast Self Storage Specialist Michael A. Mele, The Mele Storage Group has sold over 70 self-storage properties totaling over $266 million in sales. Mele has over $108 million in Active and Under Contract listings and a database of approximately 3,200 buyers seeking to expand their self-storage portfolios on the East Coast. Mele closed more than $86 million in self-storage sales in 2006 alone. Each member of the group is a specialist in the fields of financial analysis, market research, contract management and marketing.

About Marcus & Millichap
With more than 1,100 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2005, the firm closed more than $21 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry’s most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.

PR Contacts:

Self Storage Promotions
Jennifer LeClaire
1913 S. Ocean Drive, Suite 237
Hallandale Beach, Fla. 33009

Mele Storage Group
Darlina Conto
7650 Courtney Campbell Cswy., Suite 920
Tampa, FL 33607
813.287.9777, ext. 187

Company: Self Storage Promotions
Contact Name: Jennifer LeClaire
Contact Email:
Contact Phone: 954.454.0072

Visit website »