Snapbox Self Storage Acquires Self Storage Property From American Personal Storage At $7.2M

The property involved in the transaction is a 69,219-square-foot self storage facility located at 1849 SW South Macedo Blvd in Port St. Lucie, Florida. American Personal Storage sold this 602-unit property to Snapbox Self Storage for $7.2 million. The facility sits on 5 acres of land and features 256 climate-controlled units and 294 non-climate-controlled units, offering sizes ranging from 25 to 510 square feet. The property includes various amenities like drive-up access, security cameras, electronic gates, and keypad locks.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: $7,200,000.00
• Seller's Representative: Luke Elliott (Cushman & Wakefield), Michael "Mike" Mele (Cushman & Wakefield)
• Buyer: Snapbox Self Storage
• Seller: American Personal Storage
• Square Footage: 69,219
• Address: 1849 SW South Macedo Blvd, Port St. Lucie, FL

The deal was facilitated with the assistance of Cushman & Wakefield, specifically through Vice Chairman Mike Mele and Executive Managing Director Luke Elliott. The buyer, Snapbox Self Storage, acquired the property with a one-year, $6 million acquisition loan from Citibank. Alongside Snapbox, First Neck Self Storage participated in a joint venture to acquire and manage the facility. At the time of sale, the property was 87 percent occupied. Additionally, the seller had recently completed renovations at the property, including cosmetic enhancements, improved lighting, and the addition of a dedicated area for boat and RV parking.