HFF has arranged $5.8 million in financing for the acquisition and expansion of Princeton Self Storage, a 43,006-square-foot facility in Melbourne, Fla. The firm worked on behalf of the borrower, SecYour Storage Property Group, to secure the first mortgage financing. CubeSmart was appointed to manage the property.
The facility occupies 4.2 acres at 1060 Polo Drive, just off Melbourne’s residential and retail corridor near Interstate 95 and Freeway 507. Additionally, the asset is around 70 miles from downtown Orlando. The asset is also close to residential areas; approximately 74,000 people live within a 3-mile radius.
Built in 2005, the four-building property encompasses 289 units, ranging from 25 to 200 square feet. The storage facility is gated and features drive-up access, security cameras and climate-controlled spaces. The buyer plans to expand the facility with 349 climate-controlled units, which will bring the total number of storage spaces to 738.
“We are very excited about the acquisition and repositioning of this property as we continue to execute on our business plan of acquiring value-add self storage facilities throughout the United States,” said Chris Corr, managing principal & CEO of SecYour Storage Property Group, in prepared remarks. “This facility represents our third acquisition in Florida along with a very solid pipeline of opportunities to follow.”
Image courtesy of Yardi Matrix