CBRE recently announced the sale of Village Storage in Fruitland Park in Central Florida to Public Storage, a Southern California-based self storage real estate investment trust, for $13 million.
Nick Walker and Morgan Windbiel of CBRE’s Self Storage Advisory Group represented the seller, B&D Self Storage, in the transaction.
The 66,755 square-foot property is located at 444 County Road 466A on a 4.9-acre site. Originally constructed in 2017, the asset is comprised of 602 storage units.
The facility was more than 95% occupied at the time of sale.
“This property is located in a highly desirable area in Central Florida with excellent demographics,” said Walker. “The quality of the asset was evident throughout the marketing process, as we generated 21 offers from buyers across eleven different states throughout the country.”
There are over 106,877 residents within a five-mile radius of the property with an average household income of approximately $100,000.
“Within the last few months, the storage market has turned a corner, and we have seen investors reenter the market,” Windbiel added. “This deal highlights that the desirability of high-quality assets in the Sunbelt markets.”
