W. P. Carey company buys Clearwater Quality Self Storage

BUYER: National Storage 17 (Multi) LLC (W.P. Carey Inc.), New York City
SELLER: J.B. Baldwin, individually and as trustee of the Quality Self-Storage VI Land Trust Agreement
PROPERTY: 18524 U.S. 19 N., Clearwater
PRICE: $4.43 million
PREVIOUS PRICE: $275,000, December 2000
LAW FIRM ON DEED: Reed Smith LLP, New York City

PLANS, DESCRIPTION:An affiliate of W. P. Carey Inc. purchased the 53,720-square-foot Quality Self Storage self-storage facility in Clearwater for $4.43 million

The price equated to $82 per square foot. That figure is higher than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.

Michael Mele, a first vice president of investments in Marcus & Millichap's Tampa office, represented the buyer.

Built in 2001, Quality Self Storage is described by Marcus & Millichap as an institutional quality self-storage facility. The 478-unit property consists of five storage buildings and one manager's office building.

The property features 407 climate-controlled units, 68 non-climate controlled and three outside parking units. Storage units range in size from 25 to 600 square feet.

The property's amenities include digital surveillance, keypad entry, drive-up units, roll-up doors and two freight elevators.

“This is a great example of just how hot the self-storage market in Tampa is,” Mele says in a press release. “The property has generated a tremendous amount of interest.”

W. P. Carey Inc. focuses on long-term sale-leaseback transactions and build-to-suit financing.