Southern Self Storage buys former Embassy One U-Store

BUYER: Port Richey Storage Partners LLC, Palm Beach Gardens
SELLER: Embassy One-U-Store LLC

PROPERTY: 6647 Embassy Blvd., Port Richey
PRICE: $2.6 million
PREVIOUS PRICE: $482,500, June 2004
LAW FIRM ON DEED: Booth & Cook PA, Port Richey

PLANS, DESCRIPTION: Southern Self Storage purchased the 52,741-square-foot former Embassy One U-Store for $2.6 million.

The price equated to $49 per square foot. That figure is in line with the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.

The self-storage facility features both indoor and outdoor units on enclosed grounds accessible by a digital gate system. The Port Richey storage facility was completed in 2008.

“It's centrally located and already has a great tenant base that we can build on,” Donald Toler, Southern Self Storage regional manager, says in a press release. “The facility has 461 units with approximately 70% air-conditioned space to non-air-conditioned space, which is an ideal mix that we typically look for.”

The new owner has already started rebranding the new location.

Created in 1985, Southern Self Storage now owns 21 stores in Florida.

Michael Mele of Marcus & Millichap's Tampa office handled the transaction.