609-Unit Self Storage Facility Fetches $23.1 Million

CBRE has arranged the $23.1 million sale of Windermere Storage, a new 89,145-square-foot self-storage facility in Orlando.

CBRE’s Self Storage Advisory Group represented the seller, Orlando-based Schrimsher Properties, in the transaction. The buyer is Wentworth Properties LLC, an Arizona-based commercial real estate company specializing in self storage.

“Self-storage has historically performed well in every economic cycle, particularly in markets like Orlando with high population growth rates and world-famous attractions,” said CBRE Vice Chairman Nick Walker. “Windermere offered the buyer the opportunity to purchase a Class A facility that offered immediate income through the existing parking storage plus the value add by leasing up the newly added climate-controlled storage building.”

Windermere Storage was completed in the second quarter of 2023 and built on an existing 8.95-acre RV and boat storage facility. Located at 8550 Old Winter Garden Road, the property includes a 2,000-square-foot office building; a two-story self-storage building with 609 climate-controlled units ranging in size from 25 square feet to 450 square feet; and 351 uncovered, pull-through and fully enclosed parking units.

“Booming markets like Windermere aren’t easy to get new facilities out of the ground, but the sellers were able to construct a truly Class-A facility, which was attractive to the buyer because of size and location in the Orlando MSA,” said Morgan Windbiel, Senior Vice President with CBRE.

Windermere Storage sits less than five minutes south of Highway 408 fronting State Road 526 and has high exposure and visibility to approximately 23,000 vehicles daily. The property is within 2.5 miles of 12 lakes, Valencia College West, numerous retail and recreation amenities like MetroWest Golf Club, and major health providers. More than 6,000 residential units are planned or under construction within a five-mile radius.