Lehigh Acres company buys Town Lakes Self Storage

BUYER: Town Lakes Self Storage Inc. (principal: Coco Smith), Lehigh Acres
SELLER: FH Properties LLC
PROPERTY: 1124 Village Lakes Blvd., Lehigh Acres
PRICE: $1.63 million
PREVIOUS PRICE: $1 million, October 2006

(includes additional property)
LAW FIRM ON DEED: Reginald G. Stambaugh PA, Delray Beach

PLANS, DESCRIPTION: Town Lakes Self Storage Inc., a company led by Coco Smith of Lehigh Acres, purchased the 65,791-square-foot Town Lakes Self Storage facility for $1.63 million.

The price equated to $25 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($50) in Southwest Florida, according to the CoStar Group.

Built in 2008, the self-storage facility was 44% occupied at the time of the sale. Town Lakes Self Storage features 465 rentable units, a 1,350-square-foot manager/rental office, a 29-space RV/boat storage area and a fenced, 5.18-acre yard with an electronic gate.

The facility is located within a master-planned development and next to the 256-unit Heron Pond Apartments and the Town Lakes Village single-family community.