The last few days have been quite busy for Personal Mini Storage, William Warren Group and NitNeil Partners as they all recently acquired new self storage facilities.
Personal Mini Storage, which is headquartered in Tampa, FL recently acquired Harbor Lighthouse Self Storage & Business Center in Davenport, FL. The property is located at 4140 Highway 27 on approximately 24 acres of land. The company already has 36 self storage facilities and the addition of the new facility will help to cast its net even further.
“This sale represents a significant shift in the industry where covered parking is considered as a steady stream of revenue and evaluated on a similar cap rate to the self storage revenue. We had multiple competitive offers from individual investors showing the interest and assertiveness of private buyers in growth markets,” says Thomas A. Doyle.
Over in Tempe, AZ
According to Greg Wells, who represented the buyer and seller, “The self-storage investment market is incredibly active right now. An abundance of capital from multiple sources, outstanding operating fundamentals and a lack of new supply have all contributed to this level of activity.”
The company has been predicted to grow significantly this year. The company plans to grow to 150 facilities through acquisitions, third-party management and a new national-development program. In addition to its existing regions.
NitNeil Partners has purchased a vacant lot in Durham, NC throught a joint venture with Equator Capital Management, LLC. This recent purchase marks NitNeil’s first establishment in North Carolina under its expansion plan and the second for Equator Capital. The developers plan to tear down and rebuild the warehouse that is currently located on the property.
2015 has indeed been a busy year for self storage acquisitions as more and more development companies seem to be taking a stake in the industry.