CBRE announced the sale of two self-storage units totaling 129,847 square feet in Central Florida to a joint venture between Invesco and Westport Properties for $58.25 million.
CBRE’s Self Storage Advisory Group represented the seller, a private entity, in the transaction.
The My Neighborhood Storage Center facilities are located at 7660 Majorca Place in Orlando and 7902 Winter Garden Vineland Road in Windermere. The two sites about 92 percent occupied.
“With a purchase price equating to just under $450 per square foot, it goes to show the continued growth, strength, and resiliency of self storage,” said CBRE’s Morgan Windbiel. “We’re thrilled about the result that was delivered for the sellers by our team, and we are also excited to witness the continued growth of the facilities in the hands of the new owners.”
CBRE’s Nick Walker added “Both of these facilities are located in extremely high-barrier-to-entry growth markets. Therefore, it wasn’t surprising that we received great interest in this sale from a variety of investors, including large institutions, private equity and sovereign wealth funds.”
The 65,663-square-foot Orlando facility consists of 594 interior climate-controlled or ground-level exterior drive-up self-storage units. The property is strategically located on Majorca Place next to Interstate 4 and Spring Lake. Nearly 60,000 cars pass by the highly visible property on a daily basis.
The Windermere facility totals 64,180 square feet and features 572 climate-controlled self-storage units. It is approved for an expansion of 22,757 square feet and 306 additional units and situated on 2.22 acres strategically located on Winter Garden Vineland Road in the Village Lake shopping center across the street from Lake Spar. It benefits from great visibility and signage with approximately 28,000 vehicles passing by the property on a daily basis.
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