Sovran Self Storage buys Gandy at 4th Street Storage

BUYER: ovran Acquisition Limited Partnership (officers: Robert Attea, Kenneth Myszka, Charles Lannon, David Rogers and Andrew Gregoire), Buffalo, N.Y.
SELLER: Gandy 4th Street Storage LLC
PROPERTY: 10111 Gandy Blvd. N., St. Petersburg
PRICE: $7.63 million
PREVIOUS PRICE: $2.24 million, May 2006
LAW FIRM ON DEED: McFarland Gould Lyons Sullivan & Hogan PA, Clearwater

PLANS, DESCRIPTION:
Buffalo, N.Y.-based Sovran Self Storage Inc. purchased the 720-unit Gandy at 4th Street Storage for $7.63 million.

The price equated to $10,590 per unit.

It purchased the real estate and business operations of the six-building self-storage facility for a combined $10.2 million, equal to $143 per square foot.

Constructed in 2007, Gandy at 4th Street Storage is one of the newest self-storage facilities in Pinellas County. The facility is 82% climate-controlled, and units range in size from 9 square feet to 300 square feet. All of the buildings feature stucco exteriors with reinforced modular metal framing. The facility features an electronic keypad entry system and digital video surveillance cameras and an on-site rental office.

Michael Mele, a senior vice president of investments in Marcus & Millichap's Tampa office, handled the transaction.

“The asset is a premier self-storage facility located in an area of St. Petersburg that is experiencing an apartment and retail construction boom,” Mele says in a press release. “This is the highest price per square foot we have seen since the downturn.”

Sovran Self Storage is a public real estate investment trust that acquires and manages self-storage properties. It owns roughly 500 facilities with more than 30 million square feet of space that it operates under the Uncle Bob's Self Storage brand.