Suburban Orlando Storage Facility Trades for $9M
Valley National Bank originated a 10-year, $8 million loan for the purchase of a 770-unit property.
Clark Properties/All Aboard Storage has completed the $9 million acquisition of a Class A, 70,900-square-foot self storage facility in Sanford, Fla. The new owner financed the purchase with a 10-year, $8 million loan from Valley National Bank, according to Seminole County records. PREFERRED Realty & Development sold the property in a 1031 exchange.
The seller and developer acquired the 7-acre parcel at 2728 W. 25th St. for $1.1 million from a private investor in 2016. Truist Bank provided a $5.5 million development loan for the project, Yardi Matrix data shows.
The two-story facility was delivered in 2017 and encompasses 770 climate-controlled units and 15 drive-up units with sizes between 25 square feet and 540 square feet, as well as 13 boat and RV parking spaces. At the time of closing, the property was 70 percent occupied.
The store is 5 miles east of Orlando Sanford International Airport and 22 miles north of downtown Orlando. Additionally, there are at least 14 other self storage facilities totaling 760,468 square feet within a 3-mile radius, according to Yardi Matrix.
Cushman & Wakefield Vice Chairman Mike Mele and Executive Managing Director Luke Elliott assisted the seller. Earlier this month, the same brokerage team arranged the $14 million disposition of a 78,521-square-foot self storage property in Palm City, Fla.