Texas real estate investment firm buys Spacebox Palmetto storage

BUYER: VREC Spacebox Palmetto LLC (Vitus Real Estate Capital Mgmt. GP LLC), Austin, Texas
SELLER: Spacebox Palmetto LLC
PROPERTY: 2100 N. U.S. 301, Palmetto
PRICE: $5.81 million
LAW FIRM ON DEED: Bryan Nelson PA, Hattiesburg, Miss.

PLANS, DESCRIPTION: Austin, Texas-based real estate firm Virtus Real Estate Capital purchased the 220,000-square-foot Spacebox Palmetto self-storage facility for $5.81 million.

The price equated to $26 per square foot.

The gated property features a 4,300-square-foot consignment mall. The property includes both climate-controlled and regular storage units and a variety of associated business and storage services. It also allows automobile, boat and RV parking.

Founded in 2003, Virtus Real Estate Capital has since launched 35 investment funds and partnerships that have invested in 143 commercial properties with a combined acquisition value of more than $1.8 billion. Virtus uses an income plus growth strategy, which means it targets stable income producing properties with the goal of even further improving them.

The purchase entity VREC Spacebox Palmetto LLC mortgaged the property to Virtus Real Estate Capital Lender LLC for $3.98 million.