North Carolina investment firm buys, rebranding Secure Storage

BUYER: Bonita Secure Storage LLC, Charlotte, N.C.
SELLER: Wiki Wiki Properties LLC
PROPERTY: 24381 S. Tamiami Trail, Bonita Springs
PRICE: $3.15 million
PREVIOUS PRICE: $2.45 million, August 2009
LAW FIRM ON DEED: Law Office of Antonio Faga, Naples

PLANS, DESCRIPTION:
Charlotte, N.C.-based White Point Partners purchased the 55,540-square-foot Secure Storage of Bonita Springs for $3.15 million.

The price equated to $57 per square foot. That figure is higher than the two-year average price per square foot for industrial space ($49) in Southwest Florida, according to the CoStar Group.

Built in 1998, the fenced-in mini-storage facility occupies a three-acre parcel on U.S. 41. It was roughly 80% occupied at the time of the sale.

“That location was really a big part of what we liked about it,” says Ryan Hanks, a partner with White Point. “The visibility is really great there. We also like the Southwest Florida market a lot right now.”

The new ownership plans to convert the property into a CubeSmart facility and make a number of other improvements. White Point Partners is performing exterior and signage renovations immediately and plans to also complete the shell space in a portion of the self-storage space that was only partially developed.

For most of its history, the private investment firm has purchased only multifamily and retail real estate. That changed late last year, when the firm decided to expand its focus into self-storage space as well. White Point Partners currently owns 1,500 apartments units, commercial land in Charlotte, N.C., and soon will own a total of four self-storage facilities.