StoreSmart investor groups trade Naples self-storage facility

BUYER: Storage Partners-Naples FL LLC, (Storesmart Holdings LLC) Roswell, Ga.
SELLER: East StoreSmart Naples LLC
PROPERTY: 6810 Collier Blvd., Naples
PRICE: 6.75 million
PREVIOUS PRICE: $3.05 million, November 2011
LAW FIRM ON DEED: Stewart Title Guaranty Co., Tampa

PLANS, DESCRIPTION:
An investor group purchased the StoreSmart self-storage facility in Naples for $6.75 million.

The price equated to $123 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.

The property includes about 55,000 square feet of net rentable storage space.

National self-storage company StoreSmart Self Storage was part of both the buying and selling investment groups and will continue to operate the property.

“We first purchased that property in 2011 from [The] Broadbent [Co.], a developer out of Indianapolis,” says Brad Sherman, managing principal of StoreSmart Self Storage. “It has been excellent property for us.”

StoreSmart Self Storage owns or operates 30 properties throughout the eastern United States, Chicago and Arkansas.

The purchase entity, Storage Partners-Naples FL LLC, mortgaged the property to Cantor Commercial Real Estate Lending LP for $4.9 million.