Metro Storage LLC has added a 62,607-rentable-square-foot facility to its portfolio in Orlando, Fla. Volta Global sold the storage asset for $7.5 million, according to Yardi Matrix data. The sale was subject to a $5.6 million loan held by First American Bank. The acquisition marks the firm’s second store in Orlando and 24th in Florida.
Located at 7500 W. Colonial Drive, the storage asset is alongside Freeway 50, roughly 7 miles from downtown Orlando. The facility is situated near residential areas, there are more than 14,000 rental units completed or under construction within a 3-mile radius, according to Yardi Matrix.
The two-story storage asset was constructed in 2018 and encompasses a total of 641 climate-controlled indoor and non-climate-controlled drive-up units, ranging from 20 to 400 square feet. Features of the facility include gated entry, security cameras and parking and RV parking spaces.
In May, the company has secured $78 million refinancing loan for an eight-property portfolio in Illinois, New Jersey and Pennsylvania.