Life Storage Inc. Acquires 23 Property Portfolio In Tampa FL, Atlanta & Chicago
SOLD
$369,000,000
Florida
See Similar DealsSelf Storage1,500,000 SF
Sold 12/17/2021
SOLD
Life Storage Inc. Acquires 23 Property Portfolio In Tampa FL, Atlanta & Chicago
Tampa, Florida, United States
See Similar DealsSelf Storage1,500,000 SF
Sold 12/17/2021
Summary
FLORIDA
Asset Type:Self Storage
Price Per Square Foot:$246
Total Square Footage:1,500,000 SF
Transaction Type:Sale
A portfolio of 23 properties has been sold in Tampa FL, Atlanta, and Chicago. The asset type is self storage, with a total square footage of 1,500,000 and 13,989 units. The sale was finalized on December 17, 2021.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $369,000,000
- Market: Tampa FL, Atlanta & Chicago
- Square Footage: 1,500,000
- Number of Units: 13,989
- Buyer: Life Storage Inc.
- Seller: Metro Storage LLC
- Broker: Marc Boorstein - MJ Partners Real Estate Services
Marc Boorstein from MJ Partners Real Estate Services represented the buyer, Life Storage Inc., in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$19,680,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,310,979.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,749,248.26
Annual Debt Service$20,990,979.06
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