Central Florida, Class-A New Construction Self-Storage Opportunity – Palm Bay, FL
1050 Clearmont St NE, Palm Bay, FL 32905

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Price
Market Bid
NRSF
66,800
Palm Bay, FL
New Construction
Opportunity to acquire a single-story, 100% climate-controlled self-storage property at certificate of occupancy (expected August 2023) in a growing Florida submarket
Customer first design approach with a covered & ventilated drive-through allowing for easy access to prevent undesirable/tough to access units, along with 2 high speed doors, access control man doors for exterior loading to units, 20 handicap accessible units, office, controlled access pivot gate
Strong and growing local economy with major employers like L3Harris, Holmes Regional Medical Center and Renesas Electronics
Over 1,118 multifamily units currently in various stages of construction and an additional 1,920 multifamily units under review by the City
Weighted market rents approximately $24 PSF annually (based on unit type & size)
Projected Stabilized NOI of approximately $1.1 mm

Cushman & Wakefield’s Self Storage Advisory Group has been exclusively retained to offer for sale a brand new, single-story climate-controlled self-storage facility in Palm Bay, FL.

This property presents a unique opportunity to acquire a brand new, self-storage property in Palm Bay, FL. The property will deliver with 66,800 rentable square feet of single-story, climate-controlled self-storage. The facility features premium design features including a staggered drive through towards the northwest side of the building, instead of centered, to minimize the distance from the units on the northwest side of building. The facility has an average unit size of 102 SF spread across 658 climate-controlled ground floor units. The facility is expected to deliver in August 2023.

According to business license data, approximately 2,200 businesses are located within Palm Bay. Nearly 60% of these businesses are within the trade, transportation, utilities, education and health services industries. The City’s largest employer is L3Harris which develops and manufactures wireless equipment and other technologies in the defense and commercial sectors. In response to the strong economy and employment growth in the area, approximately 1,118 multifamily units are currently being built and over 1,920 are being considered for construction.

This property offers buyers the unique opportunity to acquire a single-story, climate-controlled storage facility at certificate of occupancy. Single-story product is highly sought after by consumers and has performed exceptionally well over the years. Based on our projections, we expect buyers will have the opportunity to realize levered returns of over 15%.

Palm Bay, FL

  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the Palm Bay Self Storage opportunity.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.



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