Cushman and Wakefield have been selected to exclusively market for sale this curation of seven self-storage facilities with a concentration of five assets in Florida and two in Pennsylvania. These Core, Class A assets present a rare opportunity to take advantage of prime, high barrier to entry locations in densely populated communities in two of the fastest growing areas of the United States. All facilities are brand new Class A construction, from 2018 and on. Each features industry leading modern design with climate-controlled units and every property is conveniently located just minutes from major roadways. Altogether, the seven facilities offer a total of 526,308 net rentable square feet (NSRF) with 5,259 units.
Florida – Consistently ranked as one of the nation’s fastest-growing states, Florida garners nearly 1,000 new residents every day—an annual compound growth rate of 1.53% that is expected to continue for the foreseeable future. Three of the facilities are in Orlando, a city that is quickly becoming an established technology hub along the I4 corridor. New tech jobs are bringing new residents, thus driving the demand for housing and storage. This surge in industry has brought with it multifamily developers adding significant supply to the robust housing market. The remaining two of these prime assets are located in the high growth markets of Jacksonville and Margate, Florida which have seen recent news as high-profile companies are targeting Florida’s east coast as they expand or relocate operations.
Pennsylvania – The remaining two most populous areas: Philadelphia and Pittsburgh. Philadelphia is experiencing explosive suburban growth. One of these brand-new facilities (slated for completion in 2021) is in Media, PA, which is part of Delaware County. Last year, Delaware reported the third-largest population increase of all Pennsylvania counties.
This portfolio provides an investment vehicle to either add to an existing portfolio and expand operations in two major markets or establish a flag with immediate scale. By blending physical stable assets with early-stage lease-up this strategic opportunity has in place cash flow with a significant value add component.