Storage Business Owners Alliance
30665 Northwestern Highway  Suite 100
Farmington Hills, MI 48334 USA
Toll Free: (248) 254-9000
(248) 254-9000
Phone: (248) 254-9000
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Email: info@thesboa.com

BAYVIEW ADVISORS CLOSES ONE OF THE LARGEST, SINGLE PROPERTY SELF-STORAGE DEALS IN FLORIDA

Date: 3/16/2015
Link: www.bayviewadv.com/bayview-advisors-closes-one-of-the-largest-single-property-self-storage-deals-in-florida/

 BayView Advisors (BVA) is pleased to announce the sale of Fibber McGee’s Closet a 184,891 net rentable square foot self storage facility for $16.43 million dollars or $89 per net rentable square foot, in Naples, Florida. Jay J. Crotty, Managing Partner at BVA, and Thomas A. Doyle, Senior Vice President at BVA, represented the seller, Fibber McGee’s Closet, Inc., and the buyer, CPA:18 – Global, an affiliate of W. P. Carey Inc.

“This sale represents one of the largest single property self storage transactions in Florida. The property was well located in an infill section of Naples and offered the buyer upside opportunity through more professional management. This transaction speaks to the continued strength of the Florida economy and is another example of industry consolidation,” says Jay Crotty.

The subject property, located at 571 Airport Road, just 10 minutes from the prestigious downtown Naples, FL, is situated on 14.31 acres of land. Naples is ranked as one of the wealthiest cities in the United States, with the 6th highest per capita income and the 2nd highest proportion of millionaires per capita in the U.S.

Built in 1974 and extensively renovated from 2012-2014, this facility has 302 climate controlled storage units, 912 non-climate controlled storage units, 60 spaces for vehicle parking and retail units with existing tenants.